Can a CEO/Company accumulate 50% through proxies and yell SURPRISE!!!!! - Theoretically possible but not likely.

It is much more likely that the big institutional holders are acquiring their shares for the same reason that we have. The Genuities of the world take a big position with the intent to sell them and make serious cash. A couple of hundred million isn’t that big of a deal to a large fund if they suspect there is serious cash to be made by taking a position. Sure they may have a chit chat with Barrick saying that if they offer $X/sh they will tender but at the end of the day they are in it for themselves and will sell to the highest bidder.

One thing we haven’t considered is the likelihood that Kinross (or someone like them) is holding a 10% position and will put ARU in play so that they can eventually walk away with a BIG return on their position when ARU gets taken out by a Newmount etc.