With a supposed (not confirmed by company, just hereay via their IR) four companies bidding, anyone bidding should be looking at what they want to/need to pay for this, not what they think they can low ball for.  $3 would probably get shareholder support, if it was the only bid.  I suspect that we will not see only one low ball bid, but rather two or three competative bids, with the highest value put to shareholders.  I know there is some concern about a share/cash offer, but with a competative process, share/cash offers are harder, because there is a risk premium to the share portion.  And if someone makes a similar bid that is all cash, they win.