Holly I'm not sure if this answers your question, but the tricky thing about exchange ratios is that they exist so that, regardless of the amount of stock sold in the second step (max, super max, et seq) the minority holders will, in the aggregate, own the same % of the bank as they did before the transaction. After all, the only thing being sold is the MHC's ownership interest in the bank. The minority holders are simply participating in an exchange transaction. This is why appraisal is key to your question. However, if the market is so bad that the bank cannot sell even the minimum number of shares in the appraisal range, even after flacking it in the community--and this is still a huge amount of shares in the case of HCBK--then sure the deal will be pulled and re-priced.