takeover, page-54

Purely because the offer most likely will be non binding and they could pull out of the deal if they don't like something if PDL accept the offer. The PDL share price is making new lows with the funds under management dropping. It does not make sense for them to offer more than the last offer when the company is not as strong as it was when they made their first offer. It all depends on how badly PPT want PDL. I guess they could make a non binding slightly higher offer than before to investigate the inside workings of the company more closely before the finalisation of the deal. If they pull out of the deal after this without a valid reason it could look bad for PDL.