High River Gold shareholders smart and refused to get stepped on.

Even though Severstal owned 50.1% of the company they wanted to take it private.

The first offer by Severstal was 18c (the HRG stock was trading at 12-15c!) Then they bumped to 22c. Their "final offer" was 30c and they gave all kinds of reasons why they were low-balling. All offers were rejected by shareholders. Finally Severstal ended up getting an extra 20% of the company but they had to pay around $1 if I remember.

Don't know if CMM shareholders have enough gumption to complain if the offer is too low?