Shares of Hemisphere Media Group Inc. (HMTV) shot higher on June 27, after the merger proxy for the Spanish language media company’s sale to Searchlight Capital Partners LP disclosed higher preliminary bids.

Searchlight said May 9 that it would purchase Miami-based Hemisphere for $7 per share, which reflected an 86% premium and valued the company’s roughly 40.4 million Class A and Class B shares at about $280 million.

Shares of the Miami cable, broadcast television and streaming company gained 15.5% to $7.89 per share on June 27y following news that two parties came forward with higher bids during the go-shop window in which Hemisphere Media could solicit bids.

Investor Edenbrook Capital LLC , which owns 14.94% of the Class A shares shares and 7.65% of the Class B shares, objected to the sale in May, arguing the company is worth at least $12 per share.

Hemisphere’s bankers at Moelis & Co. LLC reached out to 25 parties during the go-shop period, which expired June 8. The proxy states that a party identified only as company E proposed to acquire Hemisphere at $9 per share in cash on June 3 and that company F offered $8 per share on June 7.

Hemisphere, however, noted that Moelis and its counsel at Davis Polk & Wardwell LLP have only held initial conversations with the parties and that the talks might not lead to a superior offer.

Editor’s note: The original version of this article was published June 27, 2022, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.