answer for KevmaxHere's the answer to your question about why not trading at the stated 40% premium.
It's all related to the current price of Fortuna.
If Fortuna had not fallen ( stayed at Friday close - $9.64 x 0.283) - the offer would be worth $2.72
But, since the stock fell to $7.90 , it's worth $2.24 (7.90 x 0.283 shares).
I'm sure there are some people who believe in Roxgold's assets who will seize the opportunity to sell Roxgold , take the capital gain, and buy Fortuna cheaply while people are questioning the rationale for the deal.