According to the Commitment Letter the terms are $18 cash, 12 shares of WMIH for 1 share of NSM or a combination of both, for a total cost of $1.9B. If this $4 requirement is enforced then that changes the cost of the deal since NSM holders would receive shares valued at $48 instead of the present $17-$18 and the deal cost would now be $4.8B. Based on the agreement I don't see how this minimum price requirement would not be waived by NSM to allow the merger to proceed unless the deal is amended.
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