RE:Ok, let's do an examples to determine which way Pro-Rate isThese example show that the 4% doesn't make sense.
In example #1, you can't apply 4% to Bob. Bob is going to get way more than 4%. If you can't apply 4% to Bob, then you can't apply 4% to Ted.
4% only works if every single shareholder tenders every share. Only then you can apply 4% to everyone.