I think people are over-estimating the impact of Cliff's obtaining a controlling stake in SPQ. They already had such a large stake in BD that it was highly improbable that another major was going to step in. So it has always been about what price they were going to buy out the remainder of the deposit.

Because they are just tendering for shares not the whole company as they did in the case of Freewest they are just increasing their stake in BD from anyone willing to sell at 19. For anyone not willing to sell at 19 little will have changed. You will still own the same fraction of BD as before. Cliff's will not be able to force you to sell with out bidding for the entire company.