I could be wrong, but I just don't see it happening like this....

I could be wrong, but I just don't see it happening like this. Atlas's market cap is $520m with $20m net debt, roughly EV of $540m, 915.5m share on issue, EV per share of 60 cents. MGX market cap of $750m with $520 net cash EV of only $230m, 1,090.8m shares on issue. EV per share of 21.1 cents

Combined EV of $770m with $500m net cash (market cap of $1.27B) shares on issue 2,006.3 m. EV per share of 38.4 cents.

This effectively values Atlas at 63.3 cents a share. Even with 10 cents on top I cant see this getting up. At the very least it certainly would not be approved by the AGO board and I imagine a lot of share holders would be extremely unhappy.

I don't think MGX are big enough to get Atlas. If Atlas are to be taken out it will be an all cash bid, or script from a big player not a company with an EV of $230m.

Unless the iron price completely falls apart, then i don't think we will see Atlas get taken out for anything less than $1b or $1.10/share.

Just my humble opinion.

Yeatesy.