there we have it. cah is the target, page-9

It didn't materialise because it was overshadowed by SBM's published production target of 400k-500kozpa which sent out the signal that they would have to buy another gold producer in order to achieve this goal. The decline from $3 to $2 was a direct result of it IMO. The CAH offer is a first try. SBM has more candidates on its list. Should SBM walk away from the deal, CAH shares would probably collapse to the pre-offer level immediately. On the other side the burden on SBM's share price won't go away unless a buyout is consummated or the whole thing called off.

The Avoca/Anatolia merger that formed mid-tier gold producter Alacer Gold did play out very well and could be seen as an example for what SBM and CAH could achieve.

I've been a former DIO and AVO shareholder still holding ~60% of the resulting AQG position.