I hear what you're saying and I have no idea what the final bid might be (much higher than $8 for sure) but this is not a normal situation here.
Everyone and I mean everyone (analysts included) had this pegged at minimum $20, most much higher once the mining law was straightened out. If it is a done deal then why would we sell a great asset for $12. Plus consider the huge potential upside the winner will get with FDN and the other concessions.
Like I said yesterday you can't drive the price down to $4 add a few warrants and expect a rational person to think we're getting a good deal with a 63% premium.