"I doubt very much that $20 per share would be acceptable to anyone involved in ARU"

I don't think so as the large holders or institutions would not mind a quick double and would be getting stock in AEM ...which has been one of the two best performing gold stocks ( along with BVN).  If the institutions who are only saying ARU is worth 12 to 20$ per share decide to sell ARU is gone no matter what management says......also remember that some of management have sold recently for under $ 10.

 I do think that $ 20 is a little light but at $ 25 ARU is SOLD!!!!!