With the board having so strongly opposed the $0.40 offer,...

With the board having so strongly opposed the $0.40 offer, increasing by only 3 or 4 cents won't "win" this. It might get a few people to accept however of that scale is really saying "I don't want the company, however I'll get what I can".

At the current bid I don't think any other acquirer sees a big rush. Still a few weeks for the current offer to close. It won't get past first base so really it has only opened the market to look, not yet set a deadline for other offers (albeit by starting a possible sale process it effectively becomes a trigger date even if $0.40 is a no goer). There is plenty of time for a serious bidder to enter. And if there are no others the company moves one.

If you want to see how much time can exist in these cases just look at ENV.