I asked Trius IR about not tendering shares and what would happen. This is what I got back.
Thank you for your inquiry. If you do not tender your shares and the deal goes through you will receive the $13.50 per share and the CVR. More information may be found at investor.triusrx.com/sec.cfm
Hillary Theakston Investor Relations for Trius htheakston@triusrx.com (858) 452-0370 x440
So it DOES look like we'll be paid out those shares at the current deal's specifics; which is nice.