i think christopher barker is correct on all counts. it appears that fresnillo tried to hold mag's price down, which became harder to do as the entire silver space rallied sharply, and then impossible when the news of the encino vein was released. but the fact is that mag is worth far more to fresnillo than it is to any other mining company due to the existing synergies and infrastructure, so fresnillo will eventualy end up owning mag. that's not necessarily a bad thing; i have thought for years that fresnillo (actually penoles back then) would have no choice but to buy mag some day, but now it will have to be at a fairer, and higher, price. $4.54 is not going to get this deal done, according to the market.