Gold deal in train (From today's Australian), page-11

No idea for this specific transaction but generally as a rule of thumb don't people use a 40% premium. Of course, the risk of buying GCY expecting that to be a done deal is if the deal does not proceed. A quick look at the major shareholders in GCY shows that each of the two top shareholders can effectively block any deal and combined the three top holder have more than 40% of GCY. So whoever wants to take over Gascoyne will need to win over those three shareholders and then the rest will likely fall into place. It all depends what those three shareholders want to get from holding GCY I suppose.

Given current Firefire shareholders are already being offered a sweet deal from Gascoyne if they get to keep that deal and then also join in the deal being offered to Gascoyne shareholders then they would be super keen for the deal to go ahead. The other possibility is that Ramelius will break up the Gascoyne Firefly merger and deal with then separately - sort of depends how much they want to pay for more dirt to explore on - perhaps Firefly will agree to the same terms from Ramelius as it accepted from Gascoyne.

I have to say though that that article read like the journo was joining lots of dots rather than it being a particularly well sourced article. But we will see.