If tremont falls short, they would still have over the 20%...

If tremont falls short, they would still have over the 20% takeover limit. No other single entity can acquire that many shares (if you check the registry) so they would end up in a direct takeover battle with tremont.

There are easier ways to do business, and it is VERY unlikely that an entity would directly want to step into a battle in a losing position and pay a premium to do so.

On top of that, the company loses $750,000 if this takeover doesn't go through, ontop of costs.