$HBRM is under zero obligation to offer $CHRI holders anything. $CHRI initiated the deal & will be the giver, while $HBRM will be the receiver.
$CHRI & their shareholders will be footing the bill for this deal,,, not $HBRM,,, which seems many former $CHRI holders have understood & have quietly exited recently as evidenced by the pps.
Why should $HBRM need to issue a billion shares to give to $CHRI holders, which would be the case in your 6 to 1 scenario? I doubt Dr. Agnes would go for that one!
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