Help with this buyout of a company whose stock I hold… TMI is buying Grinrod Shipping $GRIN

I'm hopelessly confused by this. TMI is buying GRIN for about $26 per share. Yesterday, GRIN announces that they will pay the shareholders of record on 11/25/22 a special dividend of $5 per share (about 18%). The price of the stock promptly resets to about $21 per share (yesterday). That looks as if some of the capital gains were converted to income, which is a wash in terms of numbers but giver me a higher tax bill. I don't understand the purpose of the special dividend, or what, if anything I'm supposed to do. Can I sell my shares to TMI for $26 per share even tho the stock has repriced to around $21 per share? Or is TMI not really buying stock in that sense.

Grinrod shipping is a great company & has had 3 companies competing to acquire it this year. It also pays about a 15% dividend, which should happen in early December (will that still happen tho? or is the special dividend replacing that dividend?)

Here's a link to the announcement:

Taylor Maritime Investments Limited and Grindrod Shipping Holdings Ltd. Jointly Announce Expiration and Results of the Offer and Commencement of Subsequent Offering Period Grindrod Shipping Holdings Ltd.

Anyone who can explain this to me would be helping me out a lot. TIA to any who respond!