That is not how it works. Once the tender offer is started and they reach the tender threshold the rest of the shares are automatically sold for $6.66.
The Securities Exchange Act of 1934 Regulation 13D requires beneficial owners of more than 5% of a class of equity securities of a publicly traded company to file a report with the SEC within 10 business days of crossing 5% (either way).This would apply to Crown if they purchased enough shares (e.g. more than approx. 5.25 million) as well as Teoxane (falling below 5.25 million shares).
If either Crown acquired and crossed the threshold of 5%, more than 10 business days ago, they would have had to file a form with the SEC. Same goes for TEOXANE for selling enough to fall below 5%.
Neither has filed a report yet but 10 business days was Sept 16 and 20 that's when 20 M shares traded, the stock dropped below 6 for the first time since the deal was announced.
Market Data 
Markets 
