You may get 30% of your shares at $4 if everything goes right, means the deal closes and nothing happens to tender. If something happens to tender like extension then your are in serious trouble. Say everything is perfect then you get at least 30% at $4 but you may not see the rest of your shares for a while when the price goes down, may under $3. By the time the rest of your shares are returned, you have to hold them and become a bagholder or you have to sell them very low and lose money overall. So, the best choice is to sell now and cancel your tender before it is too late.