I don't know about any takovers of AR but here are some solid facts.

- Before the announcement, AR had 1.2 MM oz proven reserves and about 6 million oz M&I. Based on sharestructue they were trading about $132 per ounce.

- after announcement (and assuming amalgamation is approved) they'll have 123million shares and an additional 6.5 mm oz indicated resource (from PDG). valuing the company at $94 an ounce.

- Moving PDGs resource to the big board TSX will add value to what we have now. Assuming $132 is a reasonable price, there's a 25% discount built into the price of a merged company right now.That would put AR stock at around $14.75.

I think this discount may be unlocked once there's shareholder approval from both sides and as production comes online it will only get better. Plus everything is in mining friendly jurisdictions.

Time will tell for sure