Bad Deal for SGN Shareholders, page-7

Yes I hope so too but would like to know for sure. WPP can't vote so this may not happen.
Basically we are swapping 38% of a business which made 73m EBIT for 39% of a business which made 50m EBIT and $200m cash.
When we consider that WPP bought their stake recently you could say they are getting the cash that paid back out. Who knows what they paid but really we are looking at someone swapping 39% of WPP for 61% of SGN and taking out a cool $120m in change.
I am so offended by that, not what I would call a takeover premium for control of the company.