I am a retired investment banker. Your understanding is accurate. The $50 crowd is in denial. As a holder of VOD, I hope AT&T does bid--however, even then, $50 is way too high. Way too high.
To make it extremely simple, you'll get about 1/2 your money back in cash and VZ stock and your future dividends will be a bit more than 50% of what they currently are--slightly higher dividend/share and you'll own half as many shares.
In fairness to everyone else, the reverse split info was buried in the press release -- it was pointedly not included in the main section with the deal highlights -- and worded very confusingly. I missed it until I read about it in some other articles, then went back and re-read the press release.
But at least I went back, did my homework, and realized I was wrong at first. I didn't just stick my head in the sand like so many posters on this board.
Clearly total value of this deal is $33-35 per current ADR; if T comes in and makes a bid, that might push it above $35 or so, so you can make money buying it here, but $50 just means you haven't read VOD's own numbers,
So you are here to twist so your cronies can load the boat? I'll go with Einhorn's figures well in advance of a random poster on this message board. Simple as that. 130B for VZW + stub worth conservative 100B = 230B minimum value. Add premium for VOD stub sale and $50 within possibility. $42 always my rock bottom valuation but up to $55 given the right premiums. Keep on bashing away....