share price post exchange and vote?

Any theories regarding share price post exchange and vote? Some thoughts on different scenarios...please share your thoughts.

Scenario 1: Large exchange offer acceptance including BNB
- this may leave the three hedge funds holding pretty much all stock
- stock becomes even less liquid than it is now, and sellers have to continue to sell at a big discount

Scenario 2: Small exchange offer acceptance, thus BNB sticks with EBI
- BNB overhang, along with other shareholders, put ongoing downward pressure on the share price

Scenario 3: Everest retains RE and management of EBI
- not sure what happens in this scenario. I assume that the hedge funds have sufficient voting power for this not to happen, however maybe Macquarie wont accept Permanent as RE, or maybe Permanent doesn't accept the role

Any thoughts out there?