What makes you think that anyone would be interested in buying this company?
PRMW started the day with a market cap of $39 million. Add $21 million in debt that any acquirer would assume. That makes the purchase price $60 million before adding in any purchase premium.
Add a purchase premium of 25% to the market cap and the price to acquire is now $67.8 million.
What does Primo have that anyone would want to pay $67.8 million for? PRMW loses money every quarter and every year, they own no manufacturing facilities, they don't own their distribution system, their core business of water is not growing, the brand name has very little name recognition, etc.