The bidding war for Andean Resources (gold miner on the Australian SX) on Friday of last week is an interesting example. EGO initially announced a potential merger with Andrean after long term courting. Then last week came the surprise offer from GC for over 60% above previous share price. This is the highest offer valuation ever per ounce in the industry. And this is for in-ground ore, the company hasn't started production yet! Of course phosphate miners aren't quite in the same frenzy as gold miners ...yet?