I had the same question yesterday so rang PAN and spoke with...

I had the same question yesterday so rang PAN and spoke with investor relations manager, won't name him. He was super helpful and explained the board excepted the offer of 1.85 as they felt even at 1.71 GRAM would take control of company. GRAM at 1.85 now has 55% so they control the company. There are two outcomes from here. GRAM get 90% + of the vote and you get your cheque in the mail in a few months for 1.85. GRAM don't get 90%+ and you hold the shares of a company controlled by GRAM with no control. Share price falls as nobody wants shares and GRAM don't need to urgently buy you out. I sold by the way.