It seems a no brainer arbitrage play but I am guessing that people are concerned that the deal may fall over and will look at analogies such as Sundance and Discovery Metals to assess the potential risk.
In addition the time duration of the arb play make a higher than 'normal' discount appropriate.
There is some money to be made but I am not sure that I would say that it is easy.
Cheers
John
offer in $0.66 all cash, page-29
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