Bidding war could start before next gold run
I would say, that judging from the recent acquisition activity, that the majors may want to start bidding on ARU sooner than later.
Gold may start to run up in price in the next few weeks and we may never see the gold prices at these levels ever again. Most, if not all, junior to mid-tier gold companies are severely under-valued right now.
Barrick made a bid for Novagold, because they knew, that NG was a good bargain for them at the current market prices. (It's good to see the market not let Barrick get away with such a low-bid)
The majors have to know that a company like ARU could be trading in the forties in a matter of a few short weeks/months. So, I would expect them to start moving their butts and making their bids on ARU in the not too distant future.