YTRA closed at $1.00 despite a $1.10 partial Tender Offer. What am I missing?

Disclosure: I own shares of Yatra Online (YTRA), an Indian online and corporate-travel company.

I received an email asking if I wanted to participate in a Tender Offer for Yatra Online, Inc. (YTRA).

The Tender Offer is for up to 20 million YTRA shares at $1.10. Friday's close was $1.00 so there is an apparent 10% spread.

However, there is a risk that the offer is not completed. This is a large unsolicited offer from a third party, and Yatra's board asked shareholders to wait until they can make an official recommendation. A minimum of 15,997,545 shares need to be tendered to satisfy the minimum condition. If more than the maximum of 20,000,000 shares are tendered, each shareholder will have only a prorated portion accepted. If completed, Magna would own 25%-31% of YTRA shares.

I have never participated in a Tender Offer. It seems bullish that Magna believes the stock is undervalued and willing to pay $1.10 a share to become a major stakeholder. However, I understand the risks if the deal isn't completed, more than 20,000,000 shares are tendered, or Magna owning such a large percentage creates governance implications.

What is your experience with Tender Offers like this one?

Offer to Purchase:
https://www.sec.gov/Archives/edgar/data/1516899/000153949726002306/exh99_a1i.htm

Yatra’s response:
https://www.sec.gov/Archives/edgar/data/1516899/000149315226039578/formsc14d9c.htm