Well AR jumped to $10.21 per share today so it makes sense that PDG would follow ... yet it's still 3 cents below merger price.... go figure

Don't fool yourself into thinking that PDG is driving the price of AR. It is the other way around and many traders are profiting along the way. for now we are at their whim. If they want it to go back down below a buck, it will. If the price of gold jumps and pushes AR up a bit, PDG will follow. if a mexican mine blows up and halts production, we tank. If AR trades above $10.65 we go above $1.08.

It is what it is and there's no point in reading into this more than what it is ... unless portee is right and someone else does come along with a sweeter offer... but that's not reflected in the SP right now.