Rocco (or anyone)

What happens in a takeover offer? Say for example company X offered $3 per share for QEC and a slight majority of shareholders and the QEC Board voted in favour. What happens to those who vote against? Are they overruled by the majority? Is there a scenario where they lose their shares at a value they didn't vote for? I know this is hypothetical but was just curious. I don't know the process.

Inceptus