My guess would be that management is going to want to let the story unfold a little more so that the true value of the deposit and the company are realized and reflected in the share price before they would entertain any kind of offer, whether friendly or otherwise. AE made a comment in the FP article (see link below) regarding frustration with investors not recognizing the value of the deposit and the disconnect between the story and the stock price. To me, this infers that the company sees a ton of upside potential and isn't going to be in any hurry to give anything away.

Agree with you though, that trying to narrow the possible range for a hypothetical offer is extremely difficult given all of the variables and unknowns at play at this point. The next 4-12 months should be interesting times for all involved.

http://business.financialpost.com/2014/02/07/zenyatta-the-science-behind-a-rare-hydrothermal-graphite-deposit/