I C - That is precisely what has me worried in a buy out. How can ZEN reject $20 which means the resource is only worth 1.2 billion. This may be what it is worth, but show me the PEA with the updated resource tonnage and selling prices to prove it.

I am thinking more like $40 or 2.4 billion sell price. Hopefully the PEA will show this.

Do keep in mind that the NPV and the share price (total shares times share price) are two different numbers. The NPV will be shown by the PEA. The share price is purely 'what someone will pay for it". And 'what someone will pay for' is dependant on many factors.

You can spin in circles on the PEA/NPV/BUYOUT scenarios or you can simplify things by believing that the BOD will want to get top dollar . If you believe this then you don't have to worry about anything sneaky going on behind the scenes or the BOD accepting an inferior bid, etc.