should grr acquire pan?

OK, maybe I'm having a weird idea day, but GRR might want to look at acquiring PAN.

PAN's current market cap is $92 mill and has $39 mill cash. My very amateur guess is that a premium takeover would be $130 mill. GRR might do a standard share conversion, or more likely a combo shares with cash. With $170 mill cash, GRR could do a combo easily enough.

There are several synergies for both firms:

1. DIVERSIFICATION:
GRR is currently vulnerable with Savage River if/when pellet prices fall. This vulnerability is suppressing GRR's share price. Along with reducing costs, Mehan wisely plans to "Target growth opportunities to complement existing business" (27 Feb 2013).

PAN currently has two (barely) cash positive nickel operations, and will be moving into gold production over the next 18 months and platinum/palladium in about three years. These might be consider an excellent diversification business model for GRR.

2. GIDGEE PLANT FUNDING:
PAN likely needs cash to build its Gidgee gold plant next year. GRR has enough cash to build the plant without cap raising. PAN's sp is likely suppressed right now due to concerns about the need for cap raising.

3. COMPLEMENTARY EXPERTISE
PAN is known for its good production management and it seems to have good exploration skills as well. GRR might be good in production, but it have two wall collapses in as many years! I doubt GRR has much exploration expertise.

4. SHAREHOLDER WIN
Shareholders (let's not forget us!) might see considerable sp appreciation because (a) GRR becomes diversified with a more viable business model and (b) PAN (as GRR) wouldn't need cap raising to get Gidgee or the second gold plant into operation.

These are just my thoughts. Please DYOR. I hold shares in both companies (yes, they're the worst two in my portfolio.)