>50% is control, but doesn't ensure a compulsory take over. My understanding is 20% instigates (in a basic way) a takeover. 90% is the threshold for which the remaining shareholders must accept the offer.
Also, Magnum Hunter has rectified their latest offer by offering cash instead if wanted:
"Share Sale Facility to be made available to Ambassador Shareholders to elect to
receive cash instead of Magnum Hunter stock"
What all this means for NSE? Obviously a good thing. Say NSE has paid approx $50m in work program (and fees, time, mgmt. inefficiencies!..) commitments to obtain 52.5% of the permit, if this $50m is considered an investment, then $50m * 52.5% = $26.25m on NSE Balance Sheet under JV terms and accounting. So in essence, when you gross up the latest offer by MHR of ~$52m for 47.5% is $1.09m per 1% of the permit value versus NSE's "net" consideration of $0.5m per % ($26.5/52.5%).
Of course there are probably some other small assets in AQO, but this takeover offer is for the permit.
additionally, as already discussed above, there is credit risk whether NSE could really carry out the work program given it's obvious capital constraints. This latest takeover offer price definitely fares well for NSE in wanting to reduce their acerage exposure and commitment to this IMO and will probably profit in doing so. Finally, after a few years NSE look like they may have done something "right."