I beleive that FR will counter. As others have suggested, it would seem plausible that FR will have decided on a counter by the end of the weekend. I have always believed another bidder would emerge however, was thinking that it was becoming unlikely as the deadline approached.
I've never been pleased with the FR initial offer and would describe it as opportunistic. I also think that FR did not put its' best offer on the table in the first instance as like in any negotiation an acquisitor would always keep some wiggle room in the event another offer is tabled. For this reason, I think FR already had a good idea about what a next counter could be and certainly what the maximum price is that they will be willing to pay. I apply the same logic to Coeur. FR would have to increase the cash component in their counter offer as existing FR shareholders would not be pleased with the issuance of additional paper. I would really like to see this end near the $4.00 level however in this market, it is more likely to see a deal done around $3.00. I agree that FR would be a good fit however, Coeur won't let them get OK for as cheap as they originally hoped.
Let the bidding continue.....would it be too foolish to hope that a thrid bidder emerge ???? Fresnillo ??? Goldcorp ???