whether JAG gets bought or not, it will retrace higher before the completion of the strategic review
MM's can work their magic on both ends
if there is not going to be a deal, JAG management working with JPM needs to get the stock up to 5 or so before they announce the bad news
if there is going to be a deal, they need to get the stock up to 4.50 or 5 as well so that the acquiring company can say to their shareholders "we didnt overpay"
its hard for a company to offer 7-8-9 for a company trading at 3.50...but if you offer a 50-60% premium over 4.50 or 5, it doesn't look so bad--this presumes that the buyer will be a north american gold miner and not shangdong
either way, JAG will trade in the 4.50-5 range before the strategic review ends in june