"Another possibility is a game GRZ can play. As soon as GRZ announces a dividend news, RML might withdraw their offer. The GRZ shares RML has collected till the withdrawl can be a good asset for RML, since the current GRZ share price is a steal anyway."

That's possible, but don't forget that GRZ has a poison pill it can use. In the event of any hostile party getting 20% or more of GRZ stock than that triggers the poison pill and all shareholders (except the hostile raider) get the right to another GRZ share at whatever cost the board decides (but it would be cheap).

At that point all the holdouts have doubled their stock position and if GRZ then declares a dividend of all their cash RML will only get 10% of the cash and the rest goes to the old shareholders. If RML persists then the effect would be that they are now offering 6 of their shares for each original GRZ share and getting no cash in the kitty. I think they would withdraw pretty quickly when faced with that....