surely there has to be a higher offer now , page-44

Nickel

Your housing analogy is a weak one for you. If a house is partially constructed it is worth the land plus the cost of construction to that point plus a little for the plans. The unfinished part of the house is worth exactly nothing - you might never complete it and the acquirer will have to finish it. If you've wasted a lot of time before closing it then the building costs will have gone up and if you've messed up the existing building at all or chosed a bad design then there will be even more costs for the acquirer.

If you want to apply that to AGM then the analogy more aptly supports the ZFX offer.