I'm not going to speculate on who the excluded parties making offers might be - if one of them wins the bidding war then we'll find out who they were soon enough! :-)

As to the timing, the press release said GaAs Labs had 2 business days from the 5th to make a counteroffer, so a little simple math says their window expired last night. However, to the best of my knowledge the press release didn't say when Anadigics must announce whether GaAs Labs had made a counteroffer or not, so they could take their time about it while negotiations with the two excluded parties continue.

That being said, does anyone know if the agreements allow for negotiations with the excluded parties to continue without GaAs Labs if GasAs Labs has failed to make a superior offer, or would Anadigics now have to accept the $.62 offer that they've already declared to be superior to GaAs Labs' last offer?