i`m long term holder (mum and dad share investor...)what happens...

i`m long term holder (mum and dad share investor...)
what happens if i don`t accept the 14 cent offer, and or i don't sell on market prior to the closing day (2nd oct?)

A: Do i loose all my shares and they become worthless? (zero value, total loss)
B: They are converted over to become gandel shares at what ever price they become on the ASX

unfortunately i bought in at around $1.63 many years ago.....
if i sell with the gandel offer i will get around $400

I`m not asking for financial advice.... just the outcome of actions (or no action)


thanks.....Richard (not sure what to do...)