I think it would be pretty silly for a bidder to offer such a...

I think it would be pretty silly for a bidder to offer such a large premium. It would be like going to an auction to buy a home and offering 400-500% above the market price to secure the home for yourself, when you could probably have locked it in for paying just a little above the market price (and if not there's always the option to offer a subsequent higher bid). Especially when the price is at/near all time highs, there won't be too many holders at a loss to complain about a small bid that fails to get them above water

What would likely happen is the first offer will be a decent premium but not too large, however this will (hopefully) be rejected as management is (hopefully) aware of how valuable this company is. The price will move up and then the bidder will return with another offer at a premium to the new market price, and the bidding will continue like that until it reaches a price (eg $100) which the company and shareholders are satisfied with

Bidders also like to see how the product performs in the market before making an offer, so we could see a sales rerate well before a bid that pushes the price up to a level where a bid of $100 makes sense

Definitely not giving away my shares for anything less than $100 that's for sure!