I would have thought Svm would take the offer too, but have...

I would have thought Svm would take the offer too, but have changed my mind now that it looks like there’s an unofficial alliance to extract more out of Pru.

svm doesn’t need the cash. They have $200 million usd of it on their balance sheet. NUAG is a few years away from transitioning into a producer that will need big dollars to fund a mine and Svm has no other active acquisitions open at the moment.

so another $27mm usd in the near term doesnt really move the needle. I’m betting they hold out because as you point out, Pru is in more of a hurry to get building. So I’m guessing Svm holds out for as long as their unofficial partners have patience to make Pru pay a higher premium.

still need to get across the 50.1% line though. It’ll be interesting to see if remaining Orr shareholders refuse to tender and neither Pru nor Svm close….