My read on this is that ARU just uses Kinross to start a bidding process because Kinross has the right to match any superior offer plus taking $42 million to walk away. So it is obvious that Kinross is just the "facilitator" brought in to make the bidding process going. ARU is worth a least $25+ per share on gold in the ground without including the huge future prospects that everyone knows.

I also see that as an opportunity play to buy Kinross. No majors, such as Barrick and Newmont, will let Kinross steal ARU for pittance. If Kinross' SP dips because of this, we can count on the deal to fail. In my opinion Kinross does not have any more resources to up this offer. If a superior offer comes, which I think is what both Kinross and ARU management wanted, Kinross gets $42 million to walk away, plus whatever cheap ARU shares that Kinross secretly stashed away by manipulating the ARU SP through this time.

This may be a good chance to pick up Kinross and flip it for a quick 20 to 30% gain.

This will be interesting times for ARU.