How Langone can make AX/NYSE deal 26/74 instead of 30/70

How much more of the NYSE Group do Langone and his nay-saying pals think is reasonable? Would an extra 4% satisfy them. Considering that the value of their NYSE seats has sky-rocketed since the merger was announced on 4/20 it's gonna be tricky for Langone to convince anyone that the merger is a bad idea.

If Langone has $200mm available to thwart an AX/NYSE merger, he could unilaterally go out and by that many dollars worth of Arca stock. Assuming he could buy AX for $32/share he'd get about 6,250,000 shares, or ~13% of AX's market cap for $200mm (at $32/share and 47.14 million shares outstanding, AX's market cap is ~$1.5 billion).

13% of 30% (of The NYSE Group that belongs to AX shareholders) is ~4%. This would essentially turn the deals terms to 26% of the NYSE Group for AX shareholders and 74% of the NYSE Group for NYSE shareholders.