Keyscruiser,
You are misinterpreting the terms that you quoted below. The deal is that for every share of NGAS you own you get 0.0846 shares of MHR.
It is the passage that you bolded and underlined that states that no matter what happens to the share price of MHR before the deal closes the exchange ratio will remain that NGAS owners get 0.0846 shares of MHR for each NGAS share. Regardless, unless you are looking for this as a way to get a 10% discount on MHR shares there are probably better merger arbitrage plays out there than this one unless M/A is your thing.
It is interesting to note that in July 2009 MHR had a $0.65 stock and a ~40 mln market cap (+/- not sure of actual share count at that time). At the same time NGAS had a $2.20 stock and a 80 mln market cap. Now MHR is at $7.20 is worth 500 mln and gets to absorb NGAS's assets for pennies on the dollar.
Two stocks in the same sector one up 1,000% the other down 75%; it would make for a nice case study on failed management. I can't wait to see what kind of golden parachutes these NGAS destroyers of value take home in this deal.
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