I was never a FWR holder but was around at the time, if I remember correctly the whole thing started when Freewest was trading 30 cents... NOT made an offer, shares I believe, I won't talk much about that since NOT never really had a chance against Cliffs IMHO ...

But anyway, the end purchase of FWR by Cliffs was $1, so considering FWR was trading at 30 cents prior to any offers, a $1 buyout is a 333% premium...

Now Cliffs is saying a 62.5% premium over the 8 cents (which was a low point due to bad markets) of SPW/KWG is very fair, c'mon Cliffs you gave Freewest a 333% premium and even that turned out to be a steal..

Using that comparison, 333% over 8 cents would be 26 cents... a much, much nicer starting point....

Kevlude