"market is saying eag will not sell windfall to MAO they have to up their anty ."
If the market thought another bid were coming, EAG's share price wouldn't be down about 27% since spiking on MAO's offer. Plus, the flow through financing EAG did was well below what MAO offered, when you take the tax considerations out. So,no one is really paying up much for EAG since MAO probably offered too much in today's depressed market. Why would someone come in and offer much more than about .15 or so for EAG. Yeah, it's cheap, but so is every other junior these days. MAO's just taking advantage of a stupid agreement that EAG executed, lousy conditions in the industry, and NOT's need for cash.
Yeah, Windfall could be another Detour Lake, but right now the market doesn't see it.