Do you have a link for that? The TPG death spiral provision means that a takeover needs to be at ridiculous prices in order for there to be no dilution
No.. TPG has a deal that in simple term, their capital act like bond below $8.5 and act like stock above $8.5. So, if someone buy WM at $0, they will need to pay TPG $8.5 for each share they own, which mean for a buyout price at $0, it will actually cost the buyer $7.2B.