One would have to assume many investors don't understand the cash option of this deal, OR they don't believe it. Of course, it does say "subject to proration", but it seems unlikely any proration would be nearly as large as the difference between the $4.75 and the current price around $3.60. I could understand taking the cash and buying back at a lower price, but selling now at this level seems inexplicable to me.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!