The majority being 50% to 66 2/3% wouldn't matter. If you tendered your shares they would be returned to you. After 66 2/3% those who tender would recieve 1 share of NOT for each 4 shares tedered ( as the offer now stands ). Those who do not tender will still own their shares of FWR.

But this is looking a bit down the road. The market is indicating that it ( the market ) is expecting the deal to be sweetened. But most of us may be expecting this too. In this chess game it is FWR's move. I expect it to be interesting.