The fact that he brought a fully funded offer and they have to wait until January to haggle over price is a huge positive. The street is not concerned about the price. They are concerned that Schulze won't find interested parties and be able to bring an offer at all. Therefore if he offers 24 and it is rejected, the stock rises on the fact that there are now funded buyers chasing an LBO. Essentially we begin to see a premium for a potential deal, where today we see no premium in the stock because no one believes he will get a deal funded at all.
The actual price they get it done at in January is only upside.
Put it this way, would you buy a stock in November that you knew there was another offer coming in January knowing that you already have fully funded interested buyers having already made one offer 10% below the 2nd offer?