I am 100% on board with your plausible scenario Cal.  I picked up a sizable position back in Aug and Sep and am already up 93% ($0.21 CB).  My guess is that Arena would not sell out earlier this year until they better define and build out their resource with a fresh drill program.  Once complete, I suspect they will sell out to a combo of Ganfeng/LAC or a player to be named later.  I suspect it will take $0.70 - $1.10 a share USD to take them out.  There is still room to grow with a nice resource and a $140m USD Market cap.  Good luck.