But the offer is on the table so why would anyone accept less? The price falls and there is an immediate and clear arbitrage opportunity. It would approximate to money for nothing. The price would revert to close to the offer price so fast you wouldn't have time to get your buy order in.
Current cash and the convertible notes keep the company funded quite a way past the present offer period so the time pressure that was there prior to today has been relieved.
I can tell you what usually happens when a bidder doesn't get enough acceptances: they sweeten their offer, or worst case they walk away. It's way too early at the moment to make a call on the bidder walking away.
This discussion reminds me of a Monty Python sketch.
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