If Freewest is considered as worth $4 to Cliffs now then they surely would have paid at least 2$ a share. That means FWR shareholders got robbed.

In addition if Cliffs would have been willing to pay $2 for FWR shares, or almost ten times what the market was saying before the offers surfaced then perhaps we are worth ten times what the market is valuing us at now. So $15/share does not seem unreasonable to expect.

Seems logical to me.