This is not a competing offer, but rather a long-term, deep-pocketed holder of the stock (since 2010) who will obviously be underwater versus his purchase price, yet has enjoyed the steady dividends, sees both value at current price and wants to mitigate the risk of Fowler taking this private at ridiculous levels.   

Not sure how much stock will be tendered at $4.25, but also establishes a new level for investors.

And as time passes and vaccine rollout expands, restaurants will re-open and SIR will be legally obligated to start paying out to unit holders.  If SIR CORP continues to hold back accrued payments to ROYALTY unit holders, we could see some legal challenges IMO...

should be noted that SIR CORP management has not come out of this looking very good IMO...

good luck...