What's CMF/Meliadine really worth?The Financial Post article accessible via the weblink posted below and the TD analyst's opinion are more consistent with my own calculations bearing in mind what AEM paid for Cumberland in 2007 and the huge increase in the price of gold since and that's without factoring in the synergies of combining Meadowbank and Meliadine and the strategic value of Meliadine to AEM. The TD analyst is one of the few Bay Street analysts covering CMF.
Based on the amount of trading in CMF since the takeover bid was announced, AEM has a long way to go to secure the necessary number of shares to close the deal.
Remember too that when one participant in the conference call asked AEM management why they thought their CMF acquisition was a done deal, management responded "we never said it was a done deal".
https://www.financialpost.com/story.html?id=2767088