I don't think JRCC will be acquired. If you analyze historical acquisitions, most acquisitions happen at a peak (a.k.a. greed) and rarely at the bottom (a.k.a fear). So I would not hang my hat on that one.
Some months back JRCC acquired a coal trading company. This i believe is a terrific move which is underestimated by market analysts (who look for short-term triggers). It is one thing to own the coal but a different ballgame to be able to 'connect' the demand with the supply.
India is a case in point. One of the most difficult markets to crack. If you read the concall transcripts + presentations, it will come out that JRCC is positioned well to advance in that market (and that acquisition brought relationships in India). 30% of JRCC coal shipments go to India (if i were to believe the JRCC presentation that is up there on their site).
Somebody on the message board pointed out Debt. The one thing i would say that JRCC management did well was to dilute at high prices (around $23 levels). One can only imagine what would have happened if the Management had refused and had stuck to Debt.
Well as i said, the stars are all aligning. I have only two doubts: 1) Europe and what it can do to sentiment (Fear/Greed again) and 2) Management - have they got the ability to deliver consistently?
Time will tell. Meanwhile we sit back and wait. Cheers !