Yes, I wondered why this was collapsing... this NOT your regular 'squeeze out' type takeover offer!
The vast majority of cash takeovers involve the purchase of all outstanding shares once the offer goes unconditional. This however is the more unusual 'accept before deadline or be left holding untradeable shares in a private/unlisted company'.
I guess the only option now for those who missed the deadline is to get whatever they can in the market, while they can.
Not a special dividend paid by BAO, rather a takeover bid by Redbird. Note that insider (chairman) Jeremy Dowler traded in 1,500,000 shares for the 6p/share bid, but has retained (and will presumably delist with) at least 3,925,000 BAO shares. Probably means he has raised sufficient funds from the TO bid, to take part in the inevitable near-term re-financing...