Look at the recent filing. Institutional holders do not plan on tyendering their shares. They know this is a low bid offer. Otsaku has to extend!
The market does not expect a significantly higher offer. The November 2013 $9 calls have no bids and an ask of $0.05. So the most the "market" expects is a 5% sweetener and that is unlikely.
It still does not pay to tender as waiting is risk free.