If you tender you will never get the 30 and when offer collapses so will B stock price. He is telling you that to get 925000 shares they need officers and directors to sell who all have agreed not to sell. (They get salaries and fees from Donegal) So you may get biggest price while offer is on the table.
Keep your stock and sell it on open market now would be what Nikolaus is letting you know. The A is the real value.
Let me help you - Donegal Group is going to be purchased soon. Based on Harleysville Group
sale to Nationwide 2 years ago, DGICA and DGICB will go for 40.00 to 50.00 per share (2.4 x book value).
The B shares have the voting power, so they will be purchased for more than the A. Buy as many as you