A “merged look” would be tone-mapping. HDRMerge produces raw files with a high dynamic range, it does not alter them.
If I compare the HDR DNG in RT to any of the source images used in the creation of that DNG, I can make the HDR DNG perfectly match any of the source images by using exposure compensation alone. That’s really cool. It means one can save a lot of disk space by merging all source raw files into one, and can still, for example, output {-4EV, -2EV, 0EV, 2EV, 4EV} from that single HDR raw file into TIFFs for use in Luminance HDR.