The offer was already raised once.
A dominant operator with a stable, hard-to-replicate asset base has received a non-binding privatization proposal from a large financial sponsor. The buyer has already bumped its price once after an initial look at non-public data, and management has said it would recommend the current terms. Even so, the spread remains wide.
I think the market is underrating this one. Exclusivity runs out soon, shareholders are openly pushing for a better offer, and more bidders are expected to join the process. One local conglomerate has been eyeing the space lately and might jump in. Downside to unaffected levels looks contained.
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