Well, it may be "an erosion of property" rights, but would you allow one guy holding 100 shares to PREVENT a going private transaction (or any transaction), if he didn't want to sell?
What's your standard? And what's your principle?
As it stands now, speaking generally, if 50% of shareholders support any deal, it goes through, pretty much. And those that object can pursue their appraisal rights in court. Seems fair to me. As long as there is also a Special Committee process to ensure an arms-length evaluation of a transaction. And assuming that Special Cmte. is acting in a bonafide fashion, of course.