The structure of the deal makes it a taxable event for shareholders, which means some who've held the stock for decades face the prospect of a hefty tax bill on their gains.
"This is the least shareholder-friendly proposal I have ever seen," said
"Over time, the up-side potential for the stock and the company is tremendous," Ishrak said. "It's a transformative move."
Such investors might not be around long enough to see the growth, but they will face in the short-term a tax bill that could force some to sell roughly one-third of their shares.
"It's a problem," Hartlaub said. In a line that drew chuckles from an audience that included many senior citizens, she said: "I think if you look out at the group of people here, as well as long-term stock holders -- long term for us is short."
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