According to the press release for the Dutch tender offer, 480,000 Preferred shares represent 18.4% of the issued and outstanding Preferred Shares as of November 30, 2011.
This means that the amount of issued and outstanding Preferred Shares as of November 30, 2011 is 2,608,696, or about 2.6MM instead of the original 2.8MM. About 200K preferred shares have been "retired". This also means that the 66.66% share threshold is now 1.74MM instead of 1.866MM.
On a separate note, a significant number of preferred shares have already changed hands at $15.6 today (volume is 45,800 as of 10.34AM). Maybe a large shareholder of the common is buying up preferreds with the intention of tendering them in the dutch offer?
my guess is it's Zazove who was the buyer today....they were the only 13f preferred shareholder buying the shares last quarter. It wouldn't surprise me if they were buying more shares last quarter before the deal was announced and now with this they may have close to 400,000 shares. Added to Third Point and LKCM I think that would put those three holders at close to 800,000 shares or 31% of the outstanding shares. I would imagine they stay perched above the tender price to make sure that everyone sells to them not company. Ultimately I would imagine all the preferred shares get consolidated in the hands of one holder who negotiates another side deal with the company