a lot of reasons, but the biggest two are MET and the relative valuation gap. I've posted about this a few times on the ANR board. ANR goes for 30% of tangible book while ACI is north of 54%. Does ANR deserve nearly that much realtive discount to ACI? Sure PRB is better margin and more resilient to gas, but that is offset again by MET margins and ANR scale - 7 billion in revenues vs a qtr of that for Arch.