Westside Corporation (WCL) has been the subject of an all cash takeover offer of $0.40 per share, so why is it currently trading at a premium

Westside Corporation (WCL) has been the subject of an all cash takeover offer of $0.40 per share, so why is it currently trading at a premium? Westside is exposed to the booming LNG exports in Nth East QLD and with gas contracts commanding a premium Morgans' analyst Krista Walter believes the bid does not fully value the assets. It seems that this view is also shared by the Westside board who have recently communicated they are actively seeking a superior offer from another party. Morgans current valuation for Westside sits at A$0.63ps with price target of A$0.49ps. Today Westside shares are trading at A$0.41ps share above the existing offer price and indicating the market see greater value than the current bid. At these prices Morgans retain an add recommendation with the boker noting WCL's increased option value from future production and/or reserves.