The Pasadena-based firm signaled its defensive stance last Thursday by adopting a shareholder rights plan, widely known as a poison pill. This mechanism serves to block any hostile attempt to seize control without ensuring a premium deemed appropriate by the board. The rejected offer, submitted on October 26, sought to capitalize on a stock price that had closed at $31.10 just days prior.

Investors have responded to the volatility, with shares climbing to $36.49 by Monday’s close and showing further strength in premarket activity. With third-quarter earnings scheduled for Wednesday, the bidding firms—Cobblers Cove and Arkhouse—intend to reopen discussions regarding their offer and potential price adjustments following the release of the financial report.