Well the game is on for Gascoyne. Westgold has put in an...

Well the game is on for Gascoyne. Westgold has put in an unsolicited offmarket bid for Gascoyne at just under the 40% premium on recent market price. They don't want Firefly and the bid is conditional on Gascoyne killing its deal with Firefly. But with annual production of about 250koz pa and a market cap of about $700m they are either very cheap relative to Ramelius or inferior to Ramelius.

After the restructuring that Gascoyne went through last year there are some institutions with large holdings looking for large payback that will either make or break any deals involving Gascoyne. If those big holders see that Westgold is the best way to recuperate some of their losses then obviously the deal will get done. I had guessed that Ramelius would move on Gascoyne, likely after the merge with Firefly was completed. Wonder if they are up for a fight.