4 million shares is not that much especially if don't have to sell them in a few days, there is also the dividend to consider. Maybe these bozos got caught short and are trying to figure out how to get out of a mess without going bankrupt.
Ref-TRC I do not expect any individual investor to sell at any discount to the market price. So obviously the target is a large institution looking to unload a large block. At the offered price, there will be no sellers,since the large seller can offload in small chunks at market price. But the large seller might begin negotiations with TRC and a bargain may be struck at a small discount to the market price. TRC thinks that some large institutions are looking to exit Intel because of the recent price increase despite bearish noises by several analysts.