I'm no expert, others here can speak far more accurately, but I believe I've read the company has 30 days to respond to any offer.
I would like to think a bidding war is possible, but I would not assume that to be the case. The company has stated they are talking with several "mega-cap" players so to me, it doesn't sound like there will be a bidding war....everyone is going to play nice and pay their licence and royalty fees.
We shareholders, in the process, become very wealthy.