HEAR - Turtle Beach jumps after bidder Donerail submits revised lower offer

Turtle Beach (NASDAQ:HEAR) rose 2.4% after bidder Donerail Group said it made a revised $32.86 offer for the gaming headphone maker The new offer represents a 51% premium to closing price on Dec. 14, before Donerail said it planned to submit a new bid, though the offer is lower than Donerail's original $36.50 bid from the summer. "While we believe that we could potentially meaningfully increase our offer price subject to due diligence, since the company rejected our bid of $36.50 per share over the summer, there has been reason to lower our initial offer price," Donerail said in a statement. Turtle Beach yesterday commented on Donerail's latest comments about a higher bid and said that the investor has "remained unwilling or unable to provide adequate substantive proof of financing despite claiming otherwise." "Donerail has given the board many reasons to question whether it has a genuine interest in buying the company or the ability to finance an acquisition of the

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Turtle Beach jumps after bidder Donerail submits revised lower offer