RE: IMG vs ARUI don't follow ARU, so hard for me to make the call, but I think a TO will raise IMG's share price quite quickly.
Some brokers have targets of 12 plus on this stock, which from today's price is still a very good premium.
I like IMG as a mid-tier gold producer and exposure to rising gold prices.
Of course do your own DD b4 you buy.
Cheers and GLA