weemac: So if we use values from 1-09-14 closing prices:
1 VOD = $38.85 market value 1 VZ = $47.50 market value
4 VOD = ($155.40 market value) 1 VZ = ($ 47.50 market value) CASH = ($107.90) [difference between market values in exchange of 4 shares of VOD for 1 share of VZ)
NOW, unless there is other considerations (IE: other marketable shares in the 'NEW' Vodafone or other 'shares' with value of $107.90 or more) this could be a real losing deal for VODAFONE shareholders.