You are right, but I think we are seeing some of the people that bought at 10 to 20 cents taking some off the table here. After the 40+% gain yesterday, SMC seems to be taking a rest here.
If it were a all cash buyout offer SMC would be hovering right around .62 or whatever. Since it is a stock deal there is clearly some play with the #'s.
Stock deals aren't as easily arbitraged because the acquiring company's stock can always go down.
B2Gold has been moving up since their offer to SMC. Currently CAD 0.65. Seems SMC price has not been following the rise.
Should be USD$0.54 x 1.28 = $0.69 Actually one to one at this point instead of 1 = 1.28.
B2GOLD ORD (BTO: TSX) Last Price Today's Change Bid (size) Ask (size) Day's Range Volume Trade 0.65 CAD +0.03 (+4.84%) 0.64 (x9) 0.65 (x9) 0.59 - 0.65 220,500
Linear Gold would have to come back with a substantial increase over their original offer of 0.4 LRR shares. Currently USD$0.78 so it would take 0.88 LRR at this point to match.
LINEAR GOLD ORD (LRR: TSX) Last Price Today's Change Bid (size) Ask (size) Day's Range Volume Trade 0.93 CAD 0.00 (0.00%) 0.91 (x19) 0.93 (x5) 0.91 - 0.93 32,100
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