RE:What is next?If the transaction is voted down, shareholders would be telling the board and management that they don't want to sell at this price. Business continues.
Sometimes these transactions put the company "in play".
Maybe a strategic investor will come along and make a better offer. Who knows?
The question is do you want to sell at this price or not.
BTW, you mention a "premium" and I understand that you see it as a premium to the recent market price, however I view it as a discount to the real value of the business.
Just my thoughts....