I think it will go higher than 0.5 share of BHP. More like .75 a share. Anytime you give stock and no cash you have to pay a higher premium. Don`t worry about what the stock price is at the time. The world class coal reserves will be the driving factor in any deal and management will not sell them cheap when the company is worth more than what Fording coal got from TCK.
We will see Met/PCI coal hot again and then it does God help anyone who is short ANR because it is going to run up big time.