If NST fail in acquiring 100% and EAR remain listed, there will...

If NST fail in acquiring 100% and EAR remain listed, there will be very little free float.

NST will pull their bids and watch the SP tumble. It's possible larger SH like Datt may let it drop a little and try to absorb as much as they can but even they have capital and risk limits. When that little bout of buying is complete, there will be no bids left as no one would be stupid enough to buy as there's no cap gains to come. So the SP would tumble. Then, when it looks really bad, it'll get worse as NST launch a CR as a discount to the bad price and crash it even further. They'll do that again in 6-12mths and drive the SP down. After 12mths, they may launch another offer at say 10c and people will jump at as they know what happens when they reject an offer. Game over.

This is just my opinion and I could way off so DYOR.