I think it's unlikely many would refuse the offer once RMS has...

I think it's unlikely many would refuse the offer once RMS has more than 50% and controls the company. The majority of shareholders would be very keen to accept the offer and top the 80% level to ensure there is no CGT problem. Once that is achieved 90% and compulsory acquisition would almost certainly follow. Naturally this is only my opinion and I accept there will be many views on the matter as it is understandable that long term holders are loyal to the Company. The full backing of the cuurent Board is obviously desirable as they are the ones with the most intimate knowledge of the situation the Company is in.