Ann: Change in substantial holding, page-5

I would guess that the purpose of their original investment wasn't to get the 50c payout (since they paid more than 50c).

It was to use their voting power to vote no and to get a better price (while simultaneously betting that a better offer might come aswell).

It seems like they no longer believe this is possible so they're taking the loss and moving on.

Probably opportunity cost now where they have better places to use that money rather than wait for the possible (still has risk) 50c payout which would still be a loss for them