the takeover has to be ratified by shareholders .

that calls for a meeting no matter what.

the tendering of shares to clifs simply ensures that clifs will have enough shares before the meeting to carry the vote.

if no-one else tenders to tehm they go to the meeting with 21% and that is all they can vote. others can voye for the offer without having tendered....if the vote is against the company remains in the hands of the board..the board having recommended the offer would probably quit.. oh sad days..

that is the way it worked with fwr i did not tender my shares and voted against that offer at that time i lost the vote and cliffs still got my shares. but i had the satisfaction of voting my shares my way