If the offer was sweetened IMHO Armz wouldn't chance it at another 10%. The second they counter everyone will know they want it and the statement about not increasing the offer was pure bs. They would have to sweeten by at least another $0.50/share to make it compelling enough not to just say no a second time. The longer this process takes the more likely the spot price will rise due to market dynamics. If I were them I would go hard and fast at a new offer....a year from now with a spot price of say $65 would be an entirely different bid and they must know that.