I think they will want to call off this auction before earnings so they can have a conference call to save face. Stock will get hammered and settle in around $25 assuming their earnings stay on target.
The problem would occur if the BOD were to decide that the "bids" to which you refer were insufficient and therefore elected to maintain the status quo as an independent public company. Under that scenario, the company would once again be valued as an operating business without much if any value attributed to the underlying patents (as there would be no identifiable catalyst to realize any such values).
In that event, depending upon market conditions, IDCC shares could easily trade back to $35. $25 might be a stretch, but nothing in this crazy market would surprise me.