First let me state that if ALU craps the bed next Tuesday, the pressure from ALU investors to NOK will more than likely subside.  However, if ALU expectations have been lowered enough and ALU manages to post OK earnings, then I think that boost the case for investors to demand a better deal.  I do not think ALU execs and BoD can do much since they approved the deal already, unless there were clauses regarding NOK performance, which I highly doubt. 

So, short answer:  in the unlikely event that ALU meets or beats expectations, more ALU investors may opt not to tender shares if they are not happy with deal and see ALU performing better than what NOK just showed in their quarterly earnings. 

That said, this is all pure speculation at this point, and frankly I am in the camp that ALU will report weak earnings, but I would be more than happy to be wrong.