response to unsolicated takeover offer..., page-3

The offer will be rejected (or not recommended) and CFE will pick up some more shares via those folks willing to sell at 40c. This is the only way TS can increase his stake.

There is no way TS is going to exchange $1 worth of VALUE in CFE shares when he has offered 40c in cash to start with.

While it's very likely this will go ahead (i.e. you'll be able to personally exchange your shares for cash) 3-4% cash return doesn't compensate you for the risks. Even if you were 97% sure this was going to happen your expected value buying at 39c is 0.