Ann: Spotless lodges Target's Statement - REJECT Downer Offer, page-4

I think how SPO will perform in the future is all up for speculation. Although the fact is that their performance has been deteriorating ever since the IPO and hence the current market price. Whether the strategy reset would yield results is again speculative.
To me accepting the offer means you are locking in your profits or losses at 1.15 depending on what's your average purchase price. For those whose average is higher, it would probably make sense to believe in the management and for those whose average price is lower, I'd reckon they should take profits at current market price than raccepting the offer, wait and then risk it becoming void