KKR PREPARES BID, page-19

There is also a important element of timing here.

Using the $1.70 as an example, the shorters would have sold shares below that price to the buyers of ~15% would possible vote in favour of a $1.70 offer. The other holders may hold out for a higher offer so would possibly not sell unless the price got up to the $1.70 offer.

This will make it interesting to see how the shorts find the stock to cover their positions as well as make it problematic for the lenders of the stock to have a say on the offer.

This could be an entertaining process.