Definitely wait on the sidelines until you see the timetable for...

Definitely wait on the sidelines until you see the timetable for the newly issued shares to be released. At this point, they can be traded and there is a high likelihood they will be sold by some as they take the shares purely to get their greedy paws on the free options. This is unfortunately how these so called sophisticated investors recycle their money.
The crazy offers are probably bluff and may get removed just prior to the open. Good luck and be patient. If you are not a current holder and want to buy in order to get access to the shareholder offer then go for it - check to see if there is an ex entitlement date when the offer is announced.