I can only speak for myself....

I would be more than willing to take an equivalent $ 25 per share of AEM stock for my shares in ARU but...

I would not take the same from Barrick, Newmont or Goldcorp.....WHY ???

 Because I would keep the AEM shares and not worry about tax gains at this time and look forward to more appreciation with the growth of AEM

I have no faith in Barrick and would sell right away losing my position in ARU Spinoff and I would probably sell at least half of eith Newmont or Goldcorp if they bought ARU.....this causes tax problems and I would want more for my stock

In other words I would want more for my stock from anyone other than AEM....

This is just my position and has nothing to do with the "real value" of ARU....