Tricky NLHE hand with 4 players left in SnG (ICM)

BTW I know the shove is +EV poker-wise, it´s just the payout structure of the tournament and the two shortstacks at the table which makes me think about folding or just calling here.

With 40 starters, you're already ITM — correct?
In that case, you are flipping for the next ladder.
I would be inclined to flat pre to see a flop.

I'm no SnG player though, and I will often play exactly like this.

Yeah, the bubble is at 7.th place, and this is the payout structure for the first 4 places:
1: $70,56 (31,015%)
2: $50,88 (22,364%)
3: $36,72 (16,14%)
4: $26,49 (11,643%)

My problem with flatting pre is that the button is in most cases just trying to steal the blinds and bully the table with his bigger stack, taking advantage of other players wanting to climb the payout ladder. So you´re really missing out on a lot of EV by not taking advantage of a premium hand, and you´ll have to play it from out of position as well.

It's a tricky ICM spot for sure. The difference between 4th and 2nd is decent and you have a lot more chips than the 2 short stacks.

Read less you need to be careful against the chip leader as 2nd and chips and makes shoving easily -$ev if villain is calling to wide. The chips you lose has more value than the chips you win. I would most likely call and try to keep the pot small.

Cheers,
SDK1987

I now think calling really seems to be the best way to go here after all. Thanks for your input

This spot depends heavily also on how villain has played so far. If he has been using lot of open shoves to abuse ICM then this minraise should ring alarm bells. Like if BU shoves I think we can only call like TT+ or JJ+ and BB is also supposed to fold a ton. So if shoves has been his default line we should ask why is he not shoving now? There are players who are very monster heavy with minraise and shove other hands.

If on other hand his approach has been minraise a lot of time then shove is kind of no brainer. Of course sucks if we get called and lose but on other hand if we win we are the one in "driver seat" for this final table.

Call is reasonable option with 20bb but I am not big fan of it. We are going to x-f lot of time to cbet as we cant really start calling wide because of ICM. If we hit we might still be forced off from best hands some portion of time.