I don't think Montclair has the deep pockets to come up with more money.
They probably had to borrow most of the purchase price (and could do it with a low enough bid).
That is why they did not offer to pay off bond holders, but extend the maturity on the outstanding bonds.
Hum, so $4.85 offer, stock at $4.90 and plenty of volume has traded.
I don't think this is your mom and pop investor buying at these levels.
Must be some type of expectation that a higher offer is coming for the company.