Yes, but 40,000 shares in a day is a relatively small amount. The majority of their shares have not been sold.
What is surprising is that the restrictions on the company will not be lifted until August, but companies are already making aggresive inquiries? There is time here for scenarios to play out, and for competing bids to be considered. The shares are finally back up to about book value, and the company has a strategic value, so this should not be a surprise that other groups see this as an attractive aquisition.
If it is going to be sold, the company would have to recommend the deal to shareholders, so I doubt that any price below $16 could be seen as fair. So it will likely form a base at these levels while it waits to see what happens later?