Disney can’t ROFR them all. They might be able to slow down a decline, but if no one wants to buy them above 120 then prices will have to come down. People are listing them because they want to sell them and won’t want them sitting there forever
Of course they won’t take them all, but they don’t really have to in order to keep prices propped up. It’s a mad-man scenario. People just have to believe Disney is likely to take it and they will often bid higher to avoid having to wait weeks for ROFR only to see their contract taken. Brokers only fuel this by telling buyers not to bid that low because it will get taken.
Just my $0.02