They can raise the outstanding shares anyway....as a shareholder, would you feel more comfortable where the company owns more than 50%? (Because the company wants to make money no matter what)
Or would you rather be a small percentage of a group of people whose votes you can't control, who may not have the best interest of this company...may have interests in a competing company, short sellers, etc...
Bc currently, unless the preferred stock was utilized, a company interested in a takeover could purchase more than 50% of the company....which could potentially put the future of the company, and your investment, at risk.