Not necessarily ....
Currently Sky shareholders are proposing to use Sky funds to buy Vodafone in a deal that leaves Vodafone with 51% of the merged company.
It may be more palatable to Sky shareholders to have their shares bought outright - cash in hand etc.
Spark should put money where mouth is and make an 'NZ' bid for Sky.
It'd have to be a hostile bid - and a significant premium to the VOD/SKY transaction. Not even Spark is that stupid.