Ann: Dividend/Distribution - BLD, page-17

Dividend is not contingent on the offer being accepted.

And not sure what approvals you're referring to. The offers are on an individual investor basis. I surmise that with the BLD board's recommendation to accept + SGH's threats (to take BLD private, install SGH directors, etc) + BLD's buy-back of up to 5% of shares (thus further reducing liquidity), SGH will end up with the 90% requirement for a compulsory takeover before long.

In the event that SGH doesn't reach 90% and they choose to enact any of the threats they've previously made, that's when they'll be under regulatory scrutiny. This is where the company might be subject to "approvals".