They have over 30 million in cash and only around 20 million in...

They have over 30 million in cash and only around 20 million in Long term debt. The aim of these kinds of defences is to make the takeover less appealing. If the cash offer is reduced then I assume the offer becomes majority shares which would be even less appealing at least to me.

Poison pill has been used effectively in the past but usually with an aligned board.

I have no idea if this would be tried. I'm just brainstorming.

I don't know if TER is a good company or not but if I wanted to own TER shares I could have purchased them instead.

To exchange my shares with associated equity of 196 million for effectively 140 million in equity and cash makes no sense.