Acquisitions / Merger, Target Company has large Non-controlling interest, all stock transaction

how do I treat the non controlling interest as the acquirer? the nci is $480 m while if I simply paid a 15% premium to current price i would pay ~ $250m. I am supposing an all stock transaction. Nci is added to common equity, so the book value of the target is ~$790 hence my concern of not accounting for the NCI in the purchase price. would it be like a preff stock that i need to close out? Could i issue additional stock to settle the position aka convert the common equity portion of nci of the target into shares of the acquirer?

Thanks for your advice