As an MEP shareholder, if I was ADN, at the end of the offer...

As an MEP shareholder, if I was ADN, at the end of the offer period, I would de-list the company and wind it up or just leave it as a shell that might come in handy for spinning off assets or some other corporate transaction (sell it to a company looking to list via a reverse take-over).

There are always going to be inactive shareholders on the registry. Many years ago, when my father died, my mum inherited his shares but he had one small issuer sponsored shareholding in some obscure listed company. I can't remember what the company did but it was some dog of a micro-cap that for some reason we thought might have been a junior explorer when he became a holder. I think the shares were worth about $1k and in the scheme of all the protracted drama I had working out his estate I never dealt with them. We would get random mail from this company from time to time over the years as it got reverse-taken over and morphed from e-commerce to litigation funders to something else. The last time we got any mail about these shares they were worth about fifty bucks and the company sold them as an uneconomic holding and gave the money to charity I think.