Earlier quoted context omitted.
My understanding is that there are two types of stock, and the non profit controls the voting stock majority. This cannot be diluted. All other stock gives a (capped) fraction of the profits. This cannot be diluted by these operations, but the cap also can be a bad deal.
That's an interesting point about the different stock classes and voting rights. It adds another layer to how these kinds of acquisitions and valuations might play out in the long run, especially concerning the non-profit's influence. How often are such dual-class stock structures truly effective in maintaining the original mission when large sums and external valuations come into play?
Some take the form of different stock classes, with some classes having voting rights, and others no vote at all; other schemes are stock with supervoting rights.