Person213Not sure I have a solid answer but I offer the...

Person213
Not sure I have a solid answer but I offer the following 2 thoughts:

1 - The board represent all shareholders and so (at least in theory) they are obligated to do the best thing by all of our interests...perhaps naive under the circumstances but regardless that is their duty and I am not yet ready to accept that they are not genuinely trying to do so. Whether they are doing a good job in representing our interests is a different question.
2 - If we all put our hand up for scrip (not script!) instead of cash then Gordon will only get 1/4 of his current shares in the new entity (i.e. a stake of about 4%) and be forced to accept 60 cents for 3/4 of his shares. This may not be likely to happen but even still if half the shareholders opt for scrip he must sell half his shares for 60 cents. Therefore he should care as the risk is real.