I have to disagree there Sun. Just because WGR got shafted that doesn't set a precedent ADN holders need to accept. WGR ended up at about $15 oz equiv in the merger - disgusting. But then that is a merger (for directors benefit, not shareholders) and ADN's Rover ground will most likely be a sale resulting in the loss of the asset (unlike WGR/MLX).
It is a matter for ADN to find the top dollar MLX will pay. Don't forget there are virtually no extra capital costs to get ADN's portion of Rover 1 ore and opex again will be minimal as MLX will already be down there and the currently planned decline allows for access to the whole orebody.
IMO, $50 is reasonable and about where takeover valuations are currently - even in this garbage market. $20 is getting shafted, and while it may please WGR holders, it shouldn't please any ADN holders - at least not this one.
australian mining review, page-19
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