There are a total of 88M shares outstanding, of which Murdock controls 36M, leaving 52M shares to vote on the proposed take out. Just today, 21M shares traded hands at a price north of $12 per share indicating that he will not be able to get a majority to vote for the $12/share (why even bother for a vote). Now that the company is "in play", either he ups the price to $14-$15 per share, or someone else enters the bidding. However, considering that Murdock owns 40% of the shares, I doubt he is going to sell to a higher offer, so I expect him to come back at some point with a sweetened offer to gain the 50% (26M share majority). Arbs buying in today in the $12.45 range are going to want at least a 15% to 20% return to vote yes on a buyout. That puts a perspective raised offer at $14.31 to $14.94 per share, say $14.50 will get it done for him. Heck, even Dell bid $13.65 per share for his company when Dell shares were trading in the $9 to $11 range and that is even considered low.