Ann: Letter to Shareholders , page-12

You don't necessarily need a counter offer tc63. GDO investors individually and collectively own a deep out of the money upside call on gold I think. The longer it takes, the more valuable that option. If gold does super spike, you can just decline the offer. If gold goes high enough and too few offer their shares, then the acquirer may chose to offer more. I would think that's why GDO has been trading a little stronger in recent days.