They can increase an offer at anytime, but the increase goes to...

They can increase an offer at anytime, but the increase goes to all people who have accepted previously.

They have to wait at least 4 to 6 months before making a new bid at a new price to only those who still hold.

Or they can extend and continue to buy on market and accept into the existing bid. I imagnine they can buy up to $3.03 or whatever the orginal bid was valued at( or probably more for all our regulators care). This is technically illegal but it hasn't stopped them before.

I think they will go for the third option.