right - part of the reason for that discount is the period of illiquidity that there will be for ORHOF holders who hold to the very end and exchange their shares.
This is less of a problem in a cash buyout, but there is a lot of back office work to to in a share for share exchange. Much of this is computerized, of course, but the process and reviews take time.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!