> What does "make --version" show in the MSYS Bash session?  My says:
>
>   $ make --version
>   GNU Make 3.82.90
>   Built for i686-pc-msys
>   Copyright (C) 2010  Free Software Foundation, Inc.
>   License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
>   This is free software: you are free to change and redistribute it.
>   There is NO WARRANTY, to the extent permitted by law.

The same. I got that make.exe from https://sourceforge.net/projects/mingwbuilds/files/external-binary-packages/ as pero nt/INSTALL instructions.

Juanma@ODIEONE /c/Devel/emacs/repo/trunk
$ cd nt

Juanma@ODIEONE /c/Devel/emacs/repo/trunk/nt
$ rm runemacs.exe

Juanma@ODIEONE /c/Devel/emacs/repo/trunk/nt
$ make V=1
  CCLD     runemacs.exe

Juanma@ODIEONE /c/Devel/emacs/repo/trunk/nt
$ make --version
GNU Make 3.82.90
Built for i686-pc-msys
Copyright (C) 2010  Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.