I too have found that link removed from the JC merger page. However your estimate of the distribution is pretty accurate as their latest info page states roughly 55% returned their election forms with 1.1% choosing to cash out. The other 43% didn't return the form at all so they opt by...
I have to say it is hard to get a straight answer on the merger from Johnson Control or anyone else associated with its passing and implementation. The article Brian posted is one I have looked at several times and believe that is what will happen. Most of us long time holders will be paying...