I would be very surprised if FPP move their bid. It’s not really how these types of people operate. They do the DD, decide on the level they are happy to do the deal at and then emotionally switch off. If someone else outbids them, then good for them. You don’t run successful private equity funds by chasing deals at prices above your valuation and outbidding idiotic buyers. You put the bid in at the right level and wait for the seller to accept it.
The noise from FPP tells you all you need to know - there is none. They already made their decision. The offer is already on the table. Whether SD accepts it or not is out of their hands.
All the noise coming from SD is what I would immediately interpret as a seller trying to drum up interest and create the illusion of an auction. It wouldn’t phase me one bit. If there were a stream of buyers willing to pay more than he paid for the club, he would have already sold it. The more noise he makes, the less likely it is that he has other buyers.