Hi Geo,
Interesting question. First, it would have to be one of the big players as BTO would command a hefty price considering it has a market cap of around $8 billion. This limits the pool of potential candidates. Alternatively, it could also merge with a mid-sized player to jump into the discussions among industry giants.
One of the issues with a takeover of BTO is the fact that strategically, it would be a tough fit. It has operations on four different continents - some of which are in higher geo-political risk areas. That means that synergies may not be as evident say as the EDV takeover of TGZ which had complimentary properties (geographically). That would be key in my opinion and I am not sure which senior producer has the higher degree of compatibility with the company. That being said, i know Barrick and Newmont both have properties in some of B2Gold's areas of operations.
There is no question that gold reserves are declining and consolidation in the industry is inevitable. Who gets swallowed up is a much more difficult question to answer.
Would be interested to hear others' thoughts on this.
Mat