This is a great example of the market contradicting itself given...

This is a great example of the market contradicting itself given price setting by marginal trades. On one hand, shareholders rejected Besix offer at 92 cents as it deemed the offer opportunistic and undervalued the company. On the other hand, the same shareholders are now selling their shares at prices far lower than 92 cents.

So who is right, the large institutions which voted against the deal who are probably still holding their shares or retail holders who voted for the deal and selling their shares?

The fact that Besix, a knowledgeable buyer under no compulsion to act was willing to pay 92 cents per share (33% above current price) offers an indication of the company's potential value. However, investors are just too focused on the short term.