The question for RPM shareholders is whether they want to be...

The question for RPM shareholders is whether they want to be diluted into a large company like QGC which has already past its rapid growth phase or whether they wish to become part of an emerging producer with good reserves, good management and the best growth potential ahead of it.

BOW and RPM have similar market caps and are both significantly undervalued on reserves and potential. As a combined entity with an aggressive approach they may turn themselves into a QGC sized entity themselves, or in any case they would make a juicier target that could command a much higher price than QGC is offering.

Yes BOW is in a downtrend (like most stocks) but that's worked in RPM holders favour as it has increased the proportion of the combined entity they end up owning.

Disclosure: I hold BOW.