The problem is that most instutions operate at a snails pace and...

The problem is that most instutions operate at a snails pace and the 21% held currently is not a true representation of the actual amount of shares backing the bid as the bidder may have some form of underlying agreement with existing holders, but their various back offices have not pushed through the paperwork given the deadline is way off. Having worked through many of these processes from that side of the business you will not see the full picture from any remaining institutional holders right up until the deadline of the bid.
I too am a holder and agree that the bid level is just derisory given existing prospects. They are not getting my stock at 5.5c