100% Stock OfferEndeavour looks like a decent operator. Fairly valued. So there should be some accreation of value to Semafo shareholders over time to merge with the larger company in West Africa. (ie It's not like using overvalued KL paper to buy a long life low margin miner like Detour). Semafo mines are good and Endeavour mines are good.
What IS bad, IMO, is Semafo management and particularly the lack of insider ownership of the company stock, and lack of insider buying of the company stock since the debacle in Burkino. Perhaps they have been unable to buy shares as talks with Endeavour continued on and off for quite a while. The other "BAD" here is the obvious timing of this deal.
I think IF any managment at Semafo had something like 10 times or more their annaul salary invested in the equity then they would object to the obvious poor timing of this announcement. The better play is to restart the mill, and then the mine, THEN go negotiate a sale/merger of the company.