Although most here own both FWR and NOT, I see a lot of defence on the NOT board for FWR being worth better than 4 to 1. Only a couple of weeks ago the ratio was 8 to 1 based on share price. Even yesterday the market won't value it at 4 to 1. It is always the case that the acquiring party offers a premium bid, in this case NOT went to 4 for 1. Sounds like a double to me and very sweet indeed. Now, suppose the roles were reversed and FWR desparately need NOT's chrome, how would they rationalize the offer? This time it would be FWR sweetening the bid to what? 6 for 1??? Depends on the perspective I guess.