$32.45 x 1.25 = 40.56. It's getting very close to parity here, and BRY was trading near this price quite recently. It would not surprise me to see LNCO pop another couple of bucks this week. No guarantees, of course.
Would you explain the terms proposed for the merger? Does BRY get 1.25 shares of LNCO for 1 share of BRY? If so, why is the value of BRY so much higher than $37.63? I obviously do not understand and need an explanation. Thanks in advance.