What we have here is using one TRUTH to apply to makesomething else true, which is not. It's TRUE.... 3,375,000 is about 4% of total shares of 84,188,756 outstanding.
It's a logical mistake to think you can now just apply that 4% to what is tendered. You are using one Truth, 4%, and applying it to something TOTALLY different.
The 4% is based on 84,188,756 share outstanding. What will be tendered most likely not going to be 84,188,756. So the situation is DIFFERENT.
Again, if I tender 3,400,000 shares and you tender 100 shares, for a total of 3,400,100 shares tendered only, the Pro-Rate isn't going to be 4%.
4% of 3,400,000 = 136,000
4% of 100 = 4
That's only 136,004 shares, not 3,375,000.
So you see, 4% can not be used.