I think that 40/60 Intrepid/Nustar will remain even after the merger, regardless of the sp.
I believe that Intrepid is a bit overvalued and Nustar a bit undervalued atm. Unless there are noticable gains for Nustar with the merger (remember Nustar is producer and Intrepid only explorer), the sp is the final entity is not clear.
Thx
V
NMC
nustar mining corporation limited
intrepid's share price, page-2
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