I've been scratching my head as to why the recent leaks would focus on the low bid in the bidding process rather than highlighting the highest bid in round 1. and then it hit me, the worst case scenario for the bankers is to have the stock price run above the final selling price, much in the same way morgan stanley has egg on their face for the FB price dropping below it's IPO price, Goldman and CS don't want this thing to run too high before the final bids for round 2 are in.
for example, If they leaked a high bid of 31 in round 1 and saw the stock jump to 34 in anticipation of another 10% premium in round 2, and in return only received a high bid of 32 they would be in a very difficult position. This way they anchor the stock in the 26-28 range and can manage expectations well going into round 2 and still close with a premium
I think this might be the logic. If it is leaked that the high bid is $31, then the next round of bids would create a base at $32. If all that is known is that bids are above $25, then the game theory really begins not knowing what the ceiling is. It motivates to put the highest bid the acquirer can afford, on the table. And the serious buyers stay in the game until the floor meets their ceiling. It maximizes the price, whatever that pps is determined to be. This should go quickly as they have now all done their due diligence.