Cerberus has studied SVU financials for a long time
Cerberus probably knew that $4 is very low and it may not get 20% of the shares thru the tender offer.
That is why it added the part for SVU to issue new shares if Cerberus can not get 20% of the shares.
If no one tenders then SVU has to issue about 54 mm shares ((214 + 54) * 20% = 54).
However, there will be some who will tender. If 10% tender then SVU has to issue about 27 MM shares.
Overall, most investor can count on $4 if not higher for their shares.