This reminds me of the Noront - Freewest fiasco where Noront made a similar merger offer at a given ratio. Noront share price continued to fall which in turn drug Freewest down in exact proportion to share swap ratio.

Then out of the blue a major Cliff's makes an all cash offer at 3 month rolling average share price. One could almost believe Cliff's shorted Noront until they got Freewest's price down to where they wanted it.

Maybe there is a major who is going to swoop in and buyout ECU on the cheap for cash.

lm