I agree it doesn't make much sense to discuss all possible...

I agree it doesn't make much sense to discuss all possible business combinations and I won't add to the topic after this post. The guys over at the Alacer board were wondering why their shares were significantly underperforming those of their peers and my suggestion was disappointed traders were moving on once quarterly results came out and didn't meet their expectations or what they had been hoping for. The fact that the underperformance lasted for a number of days suggested it might be something different though and I came up with the idea of a merger looming which could explain the shares' underperformance. I didn't say this was the case, I merely pointed out the possibility.

When Pala approached IGR with its unsolicited proposal of a business combination with Avoca, IGR stock was around 0.25 and even if AVO had bid a 100% premium, IGR management would have been right to dismiss the proposal at the time since we have passed that mark already and should the underground trials be successful, we could very well see another significant advance. I'm not perfectly sure though whether the decision would be as clear if a 100% premium would be offered today. You're right, it's all pure speculation. But then, isn't this what the stock market is all about?