RE: RE: RE: RE: Why Mason's strategy won't work ag It's a moot point if this deal ends up going through. Right now the markets are giving that a low probability (spread between NV and voting are 1.7%).
If they try again, at least the partipants will have more information available (mainly, opportunistic elements may try and scuttle the deal). But I think it's worth nothing that at least ecomically, there is no point for hedge fund to move in unless there is a significant differential to capitlize from. This will create a more stable situation with a reasonable risk/reward applied to buying/selling the NV shares. The initial days of trading this strategy wasn't well understood by the market and it obviously misreacted.
Note that the company has some other options at its disposal - such as, share buybacks of only the non-voting shares (same economic benefit to both holders since net shares is reduced hence EPS is improved), special dividend for non-voting holders equal to the differential in market trading prices, etc - announced on condition that a similiar consolidation does not go thorugh.
It is inevitable that this consolidation will happen - it's just a matter of when.