Well the understatement here is "I think the Kinross offer is opportunistic and cheap"

There will be much legal fireworks over this if in fact this is the final offer (always be wary of management and the BoD which in this case appears to be absolutely incompetent or crooks or both)

Just a correction on that offer price of $8.20. That price includes a absurd value for a portion of a warrant that enables you to purchase Kinross shares at $32. Considering the K SP trades around 18-23 that $32 may be a bit off into the future so a realistic value for that portion now and likely in the near future is $ 0.00.

The real value of the offer is about $7.00 (0.317 of a K share for each ARU share)

I believe this takeover offer if it isn't substantially increased is a bad sign for shareholders of companies such as KRY - The majors (in light of the market conditions) think they can STEAL these types of assets.