You are correct in one way. Yet, the reality here

You are correct in one way. Yet, the reality here is something else, not that we are worth 40c. We were and are not worth 40c in the eyes of BP.

I have many time seen once one offer is in, other better offers flow.

But the REALITY which everyone overlooks here is that:
Anyone (BP) in their right mind, if and only if, they want to make an offer and not fool themselves they have make an offer at least comparable with KITE, IMO.
Otherwise, the will loose the bid, and the price of this will increase. And they will waste every penny spent on this.

The REALITY is that they have to make a decent offer, and they know it.
So, as they know any low ball offer will not approved and they will see counter offers, they will all wait until the base product is approved, they try making such offers.

If anyone thinks, BP is not making $2 or $4 dollar offer, means they don't have a good understand of why they are not making such offer.
They know there will be very more realistic counter offer, and they look like a fool.

So, again based on my understand if a offer comes in today, from a serious buyer, I'd expect it to be comparable to KITE's.

But there will be not offer. They know how much they should pay, and they will all wait.