arbitrage opportunitygcm is currently trading 20 cents discount to aris.
either the people buying aris have not heard of the merger news, or they can't do math, or they think the merger won't go through.
the merger is good for both parties, cash saving of $28 mil per yr (div cut + $10mil g&a), bigger more diversified with good management. i don't see how merger would not go through. gcm, goldx voters usually vote 99% yes like willing sheep.
i think the reason is they can't do math.