RE:Bidding War involving G. and AEMHTG,
You said: "....I will buy you an outstanding bottle of Burgundy Red."
I wrote this down on a piece of paper and put it in my pocket as a reminder. Presumably, you already consumed all the good stuff from Southern France?
Back to ELD offer for ICG:
I holding a view that this low-ball offer is not going through without a challenge from the big boys. Either G or AEM would have enough fire power to bring ICG to production, including upgrading the mill to 5000 tonnes/day to get a production to 300,000 ozAu/yr level.
ELD would love to do that as well, since they want to morph the iffy situation they have in Greece and Turkey,...into a safer jurisdiction (Canada). A 300,000 ozAu/yr operation for ICG would be a good start. It's a respectable annual output for any of the potential suitor (ELD current flagship production at Kisladag (Turkey) @ ~250,000 ozAu/2017...assuming Turkey remains "stable" enough not to upset the productin forecast, see link below, which did not discuss potential problems with Greece and Turkey).
https://s2.q4cdn.com/536453762/files/doc_presentations/2017/may/Eldorado-Gold-Investor-Update-(May-2017).pdf
Also, in this presentation ELD said they have $1.1B in total liquidity in the quarter (after the sales in China), but they failed to mention that they have some sizable short-term loan to be settled in the near future (another non-disclosure?). May be that is why they had to limit the cash component in the offer to $129M (25%) and the rest (75%) would be in ELD shares (at an assumed value of $5/s...now it is around $4/s, a 20% drop). On top of that they will need to spend some cash to bring ICG to production and fund on-going exploration work to improve the RE. In addition, they would need to spend quite a bit of money to further develop/maintain their properties off-shore. So, $1.1B - a sizable loan (some $600M???) would not leave much for all above expenditures. It would be a safe bet to count ELD out in the contest for the hands of ICG.
GH