Not sure why you believe that the next offer (if/when it comes)...

Not sure why you believe that the next offer (if/when it comes) will be at a much lower price.

I think just the opposite. In a big scheme of things, it wouldn't cost him a lot more to up the offer in 4 months or so by another 30-40 cents, especially if the % of non-accepted shares is closer to 10% rather than 30%. You'd assume that big holders are not holding out just to accept a lower offer later.

And if they have a CR, then shareholders will likely have access to participate in the CR too.

Personally, I am reluctant to accept for a couple of reasons - for one, I think there is more in it within the next year, and secondly, I'd much rather delay the CG till next financial year.