I hear ya Herb but consider the following:

Cliffs offers us tomorrow $2.30 for all outstanding shares.
They advertise that it is 50% above our recent ( 30+ days) trading prices.
Not often do buyers offer 50% or more above recently traded prices. It makes for good propaganda. No I do not expect any serious hand over of shares at near this price.

Normally if the sp goes to 2$ or so I sell at least some and possibly all of my short term trades, but If I see a buyout offer even at 2$ then not one of my shares leaves my hands because I know that better things are around the corner and that the ball is finally rolling my way.

No, in this state I do not sell any of my short hold until above 3$ and then some. I would sell them only because the offerer could back out, calling it quits.

More probable situation is that if even a feeler comes out then I very much suspect that not soon afterwards there would surface another offer from somone else. The feeler would be put out to flush out other offers, that is why they are done. Yes, another war for your shares.
That is why my long hold would be untouched until the offer price was over 7$. At that time I would offer a small portion of my long hold, reserving the majority for the time when I think the prices reach a near crescendo (10-15$). At that time I would part with up to half of my long hold keeping the remaining half until I am literally forced to sell.

I am not an All Or Nothing player but prefer to lose a bit on the price as long as I get some before someone has a chance to withdraw from the offer sooner than some would expect.

I believe in a bird in the hand instead of two in the bush. That is my strategy.