Tender offers must be successful.
If successful, Ford moves forward with his investment. Each shareholder would the have the right to purchase a new share for $.20 for each share held. No free ride. The price of old shares will eventually move towards equilibrium with new shares ($.20).
In the event the tender offer fails and Ford cannot make his investment, PCBC may fail. Bankrupt banks generally do not have an equity left once the FDIC takes away the banks.
It would be best to invest once the shares move towards $.20. However, it may not make it that low.
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