This has to do with FAS' market value.I had the theory that GWR...

This has to do with FAS' market value.

I had the theory that GWR will try an all scrip takeover, because both shareprices were low.

Since this is not the case, clearly the deal is to pay FAS fair market value for its shareholding. This suggests that the sp will go upwards, possibly with some new announcements from GWR, because FAS will not sell below what everyone knows is a fair price $5/share for a 500-800mt resource.

The other option is that John Lester is right, but it is hard to believe that this is not coordinated between FAS and GWR.