They bought of instos at $1.80 didn't they? My guess is there would be a ratchet clause in there if they increase the offer price above that so I would expect the offer to be at $1.80 - at least initially.
If you want to 'hold on' to your shares, why not accept the share offer and have a shareholding in a 'potentially' much better company.
Will be interesting to see what happens.