SELL ON MARKET, page-6

Yes seems that the final off market offer is paid to all holders according to this paragraph:

"The offer consideration can be increased, but not reduced, during the course of a bid. All target securityholders who have already accepted the bid are entitled to receive any increase. If the bidder acquires target securities on-market or otherwise outside the takeover bid during the offer period at a price higher than the bid price, the offer is deemed to be increased to that price. If the original offer did not include a cash-only consideration and the bidder purchases target securities outside the bid for cash, the bidder must give offerees who have accepted the opportunity to elect to receive cash."

from the Allens takeover handbook. Not official docunentation.

I was under the impression holders who accept the offer get paid at the proce they accepted. But sounds like they get a second payment to match the final takeover price.