How would a deal reached prior to the arbitration ruling be ratified? Just blessed by the arbitrator or back to the phase we're in now?
It's likely that the arbitration panel would simply delay their ruling to allow time for the vote to take place. If the vote failed, then they could then release their own ruling. Whenever possible, arbitrators do what they can to allow the parties to come to their own consensual solution rather than issuing a binding ruling.