I cannot imagine them achieving shareholder support where there to be an increased risk of reduced dividends. Whether the population of Greater Manchester supports the acquisition or not is irrelevant IMO for as long as they are not subsidising MAG, but where MAG are effectively reducing council tax/subsidising other capital projects in the Manchester area.
You're completely missing the point. It's like saying I've got a £1bn but I only get a 1% return. The councils should maximise the value of their dividends and drive the current financial performance of this asset BEFORE letting management embark on another acquisition.