Yes but you forgot to mention that OZL ran from $5.00 to $30. At $15 a share is the middle sweet spot I was suggesting.
I am not sure what you mean by IGO didn’t make a previous offer for PAN. See attached PDF.
Also, at the time, Pan Management/ board asked shareholders to take no action and Zeta (largest shareholder) advised it would not support the deal. To save face and eat humble pie, IGO insisted it was walking away from the deal knowing it was a failed attempt in my view.
InvestorpresentationtakeoverbidforPanoramicResources.pdf
In the end, we will see how this plays out I guess
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