RE:Recent study Anglo probably thinks they have Covus over the barrel with limited options and better for Covus to continue drilling than commit big $ for a takeover at this point. Anglo's share price has almost doubled over the last 3 months, a share deal now would give them Corvus at a 50% discount. Assuming they are looking at the deal this way they are probably better off waiting until their share price levels off to maximize the benefit of their rising share price.
Based on fundamentals the price should be north of $4 with even a double from that point should be an attractive investment.