The last company I worked for was bought-out. Afterwords the company released a timeline of events (SEC required I believe). Our downfall began in December 08 with a phone call and end 6 months later in June 09. I started with this company when it was very small and thought nothing of "visiting" the CEO & CFO when I wanted or going to lunch with them. I had NO clue what was going, and rightfully so, until I came into work one morning in May 09.
My point is, with all of the talk here about a buy-out, we'll never really know what's going on until it's done. Guessing is for fools and Google, if they are the interested party, isn't going to tip it's hand. Normally in situations like this there is an escape clause whereas if word leaks out the deal could be called off.
IMHO, the sale price here, and for the next quarter barring any outstanding company news, will be around $90. I think most of the run-up in this stock has already occured. Let's face it, Google isn't going to take a $30 stock in May and pay $150 or $200 a share or more today like the talk here indicates. Triple, $90? More likely.
"WRONG...this process is going to take a lot longer than most people think."
Most on this board are getting way ahead of themselves. Keep in mind that it was in early April that Nortel announced they had entered into a tentative agreement with Google to sell their patents, and then the sale (to Apple, Microsoft, etc.) wasn't completed until June 30.
None of the players in this affair are going to spend $4B - $5B without doing careful due diligence. Weeks (or months?) will pass as potential bidders analyze what IDCC is offering and behind-the-scenes negotiations take place.
Unfortunately, the price of IDCC is likely to experience a slow, steady slide as we wait for this process to grind on.