The positive side of the current situation is that if there is a merger / takeover attempt, it tends to spotlight the fundamentals of both parties. CMM being grossly undervalued, I find it hard to believe any group or entity would be able to successfully "steal" the company without paying a significant premium.

If the offer were too low, it would be also be interesting if a 3rd party would take the opportuntiy to get involved. For example, a bidding war ensued for Crew Gold between Endeavour and Severstal in late 2010. Endeavour ultimately capitulated in this case, but not before Crew experienced some major appreciation. (traded from .10 to over .40 in a blink of an eye)

In any case, I see very little downside from here and am buying the dips prior to this event. We are a equity that with just decent excution should fundamentally should be worth 700 mil to 1 bil+ trading at a 250 mil or so market cap.

RE