The reaction to last weeks insider offer was positive, I believe, because people thought: "This is probably the last raise needed to get to the promised deals".

This tender offer made an end to that dream (there is no deal coming or no significant deal).

In my opinion people are also taking for granted that we'll get sufficient funds from the tender offer.
I'd hate to bust that dream, but a decreasing share price will make that scenario increasingly unlikely.
To make things worse if warrant holders don't take up on the offer sufficiently we can expect new equity raises at -again- lower prices.

By the looks of it, this tender offer doesn't have institutional support.
Where is the bottom?

Edit: I've asked IR (Marek) to enlighten me regarding NP's statement that shareholders would be "pleasantly surprised". He would pass on that question to NP.