I personally don't think it will be any dilution since Cerberus may have worked with some affiliates who were bought many shares around $3.50 or lower. It may be illigal but what if affiliates act on their owns and share some profit with Cerberus.
So, $4 may be bottle neck but one or two weeks after tender expiration, the price will go above $4 as most large tender have done before. So, expect a V shape after the tender as most stocks in this situation have acted.
So, if you have long term view or your cost is above $4, still you may get your money and more.