The short squeeze starts at $2.44 which is the 52 week intraday high. The two year intraday high is $4.44. Figure any offer over $4.50 allows anyone that bought in the last two years to get at breakevern or with a profit and anyone that short in the last two years to be under water.
OTOH, why would anyone buy SANM? To be a takeout target you have to have a lot of costs that can be squeezed out by the buyer. I don't see a private equity firm doing the deal as they can't squeeze the costs out of SANM as a standalone company. So that leaves some large player in their industry that could get rid of redundacy between the companies but who is that and how much redundacy is there?