Will Berry back away from merger because of this or demand additional shares to compensate for lower price per share
BRY shareholders could reject but they would lose big time. Their shares are still way up in anticipation of the deal and would fall if it fails.
Note that as part of the deal Berry has independent investment bankers hired by Berry go over Linn's books. This is complete and the valuation is high 30s to mid $40s.
Richard, if you own units of Linn you certainly need to do more DD.
I've read the accountants have already signed off on the deal so the only ones to stop it would be shareholders by voting no which is unlikely.