What is the expected interest rate over that time, and the expected value of investing the money?
If the interest rates is 3/4% per year, or better, the $25.1 million is the higher bid.
It's reasonable to assume that interest rates will be more than 3/4% per year, therefore the single cash bid of $25.1 M would be the higher bid. Everyone involved knows that, but many don't want to admit it, thats why this has become such a problem.