Reverse splitting means the O/S is reverse split. There is no keeping the O/S "the same" for one side of the equation. Every variable follows the the rule set. For what you are suggesting, the deal would require and S-1 -- and there is nothing to indicate a reason to do so. One may as well suggest "perhaps all the insiders will dump for no reason at all".
Well yeah, perhaps.
But why would one consider that without reason?
http://www.slideshare.net/rroyse/negotiating-reverse-and-forward-triangular-mergers
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