WLT's market cap is now $4.6 billion and that includes the Western Coal acquisition! They paid $5.3 billion for Western Coal last year. So, their market cap including Western Coal is $700 MILLION LESS than what they paid for all of Western Coal!! Obviously, they overpaid for it, as ANR did for Massey, as did Arch in their deal for International Coal. NONE of these coal companies are very savvy when it comes to acquisitions, obviously buying them at the top instead of, say, right now, when they are cheap on a reserves basis but still expensive on an earnings basis--why would you think WLT is a cheap stock when it missed earnings the past two quarters? This means business is slowing. So you would offer less money for a slow-growing company. The good news is that WLT is now under heavy pressure to sell. Investors are fed up with the Board, the CEO quit, someone could offer $85 and take the company. No one NEEDS to offer $100/share. If there is an all-cash offer for $85, who's going to argue after getting tooled around by WLT for these past four months? With coal prices going lower, their assets are worth less. To not sell now means the Board is risking an even lower stock price. PCX is in the same boat.