Ans:
A stockholder can turn down a tender offer, i.e., rebuff the offer and still own shares. However, they will not profit from the premium offered by the bidder, which is over and above the price of their shares. But they can still sell their shares for the market's price in the future. A stockholder can lose money if they rebuff the tender offer, especially if a publicly-traded company is working towards going private, as the stock might lose liquidity. It might be difficult for the stockholder to find a buyer for their holding in the company.