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".
BLD Price at posting:
$6.12 Sentiment: Buy Disclosure: Held
