Agreed.  That's my reading of it as well.  

And after the 10 day extension, if there are less than 20% who choose retention then all remaining outstanding shares are said to have accepted the cash offer.  This is obviously included to head off any potential shareholder challenge to the offer. 

Having said that though, if retention is chosen by 20% or more there is nothing really to stop shareholder from submitting a claim to a court saying the $1.10 is not fair value. This is what KWG did when Cliffs was tryng to force buy up all Spider shares after Sider accepted an offer from Cliffs. https://www.newswire.ca/news-releases/kwg-to-retain-its-spider-shares-544609032.html