RE: # of LFD Shares for 1 Genel share. This is where the professional asset valuators and financial advisors would do their work. The would assess the assets from each company and come up with an ideal metric before the managements decides on the premium.
This was what old GENEL did before accepting the merger with Tony Hayward Vallery. TONY had a cash shell company with only around $2.1 Billion cash while GENEL had the asset in KRG. They merged on a 50/50 basis after GENEL's assets was assessed to worth that amount.
If LFD goes this route which is possible in case management still wants exposure to KRG, then LFD shareholders would be treated fairly irrespective of share price.
So there are 2 options that would work: all out cash or share exchange arrangement.