The consideration being a share swap is a common way for a...

The consideration being a share swap is a common way for a takeover, or even a capital raising.
The conversion rate is fixed - everyone gets the same regardless of when they accept the offer.
Any dilutionary effect the people accepting the offer know about before accepting the offer.
Nothing underhand, unfair or discriminatory in this.

".If MIN shares went to $200 those that accepted early would be hard done by"
How? The offer is 1 MIN for 1,300 NWE.
If the price goes to $200 I think they would be ecstatic - their new shares went up.
They already have their shares.
Same in reverse