According to the SGV press release, this offer represents an 18.7% premium over yesterday's closing price. With SGV having gone up 25% today, you'd actually lose money on the deal.

Having said that, the 25% rise today shows that SGV shareholders are clearly counting on a bit more than the current all-share offer.

We shouldn't forget that based on the NI 43-101's, SGV is actually the bigger party in this deal.... I'd expect to see at least a 50% premium, say around August '08 price levels...