CLF, this thing, is actually not that complicated. POSCO previously did the math: 700 million, 10%, that's 7 billion. At 12.5 per share, they think it's worth it; at this level, if CLF doesn't want to talk, the message is also clear: 12.5 won't work, they need to pay more. This situation feels quite familiar. When LBRT was at 11 dollars, it was exactly the same situation. Either it's the capital, or the company itself, setting the price there. Later at 21, the company issued bonds at 34.5 and 50, meaning the capital believes the price can go above 34.5. So where is CLF's value midpoint? Personally, I think...