This is how I see the TBE thingJust a personal opinion and I can be wrong :-
Some votes for the reduction of stated capital by 200 million should already be in via telephone, etc. If NBZ issue new shaers to buy TBE, those votes will likely be invalid. NBZ management should not be stupid enough to create trouble for themselves 2 weeks before their annual meeting.
If they acquire TBE with all debt and fools with the dividend, they will face shareholders' rebel in the general meeting.
TBE plays are high cost and IMO dosen't provide good fit to NBZ . NBZ has slow down drilling etc with the CAPEX cuts. They will simply put money back to their own low cost plays instead of buying TBE high cost assets.
https://www.northernblizzard.com/uploads/Documents/nbri-2016-apr-presentation.pdf
P15 shows TBE fields need oil price above 50 to break even.
Of course I can be wrong. But after reading into the stated capital reduction thing, I think they are trying to provide more room for continued dividend payment with that reduction.
Anyway forget about M&A jitters. Think longer term if you think oil price will be higher by year end, NBZ is a good buy with the current 10% pullback while oil is up 10%.