Portland vacation rental management company Vacasa has received a second bid to buy the company and says it will consider the new offer along with one it had already accepted.

Investors, anticipating a possible bidding war, bid Vacasa’s stock up to $5.30 a share – above either offer price.

Vacasa agreed in December to sell itself for $5.02 a share, about $114 million, to an Arizona-based competitor called Casago. The beleaguered Portland company has been struggling for years because it has been unable to contain the costs of managing vacation homes in far-flung locations across the country.

On Tuesday, Vacasa said investment firm Davidson Kempner Capital Management had bid $5.25 a share for Vacasa — about 4.5% more than Casago offered.

Davidson Kempner already owns about 9% of Vacasa’s stock and loaned Vacasa $30 million last summer. In conjunction with that transaction, Davidson named two new members of Vacasa’s board.

Vacasa’s sale agreement with Casago requires the Portland company to pay a $4.1 million breakup fee if it backs out of that deal to take a better offer from another suitor.

Through the first nine months of last year, Vacasa had $772 million in revenue – an 18% decline from the same period in 2023. It lost $95 million in the first nine months of 2024, compared to a $452 million loss in the same months a year earlier.