rramirez82, not really... JPM already has ~3.9B shares outstanding... So lets say they give 1 JPM for 3 WAMUQ... In that instance, JPM would just issue more shares... So let's say they issue ~500M more and give them to WAMU shareholders... Well, TPG would own 230M/3 = ~76M shares on JPM... However, TPG would own about 76M out of ~4.4B shares... So the TPG percentage would be small...
I know folks keep saying the percentage would be large but you have to add in the additional shares JPM would issue to their already issued 3.9B shares.....