Quote from Reuters Feb 13, 2013:

Both Coeur and First Majestic own silver mines in northern Mexico. Coeur owns the Palmarejo silver and gold mine while First Majestic owns two mines close to La Preciosa -- La Parrilla and Del Torro. La Preciosa, in Mexico's Durango state, is Orko's only mine project.

Orko's board said it backed the Coeur's more cash-rich offer as superior to that from First Majestic but analyst Stuart McDougall of Cormark Securities said there was a reasonable chance of a counter offer.

"First Majestic has a strategic interest in maintaining a strong position in Durango," he said. "Having a rival coming into the state has got to be weighing on the mind of the board."