"Shareholders will be wiped out under CBS's offer, but would...

"Shareholders will be wiped out under CBS's offer, but would retain 25 per cent of equity under the Birketu-Illyria offer. However, the value of their shares would be diluted, with an extra 1.07 billion to be issued to give Birketu and Illyria a combined 75 per cent holding.

However, Ten's 750 employees hold the majority of creditor votes and they appear unlikely to vote in favour of Mr Murdoch and Mr Gordon taking over the company.
"There is zero enthusiasm within Ten staff for a Lachlan Murdoch takeover," a staff member told Fairfax Media. "Unquote

A class action would definately help of a better deal for Share holders, IMO