Valid point about majority share not being at stake. Logically, a company can accept that risk because it is meaningless in the long run.
However, I don't expect merger news until share cancellation is complete, purely because why would a company rush the process or put their name to it and give the shares more value?
For the record, the TSNP share cancellation was a voluntary cancellation by the CEO. There wasn't a lawsuit and the shares were not unilaterally canceled.