This offer has indeed been prepared quite carefully, as stated in the board’s statement:
“During 2024, the Company received several inquiries expressing interest in Heeros, and in this context, the Company also actively and confidentially contacted certain other parties that the Company identified as potential strategic partners for Heeros. As a result, during 2024, the Company received expressions of interest from several parties with whom it has held preliminary discussions, and also received preliminary non-binding offers for Heeros, including the offer made by KKR through the Offeror. During this process, the Company allowed the parties to conduct due diligence on Heeros. As a result of this process and the Heeros Board’s assessment of other strategic alternatives available to Heeros, the Heeros Board has concluded that the Tender Offer announced by the Offeror is the most favorable option for the holders of the Company’s Shares and Option Rights.”
Because of this preparation, a competing offer was never likely at any stage.
Therefore, I would consider the offer’s success to be very clear.