yes that is correct but if LB then counters with a higher offer...

yes that is correct but if LB then counters with a higher offer that eventually wins you will receive the higher offer.

Scenario 1:
Mitsubishi offers 44 cents per share.
LB then offers 45 cents per share.
Mitsubishi walks away. LB wins.
You will receive 45 cents per share.

Scenario 2:
Mitsubishi offers 44 cents per share.
LB does not counter and sells their stake to Mitsubishi for 44.
You will only receive 40 cents per share.

if you sell on market you will only get the proceeds that you receive on market.