flx takeover comparison

Chinese firm to offer FLX $20 per share. FLX data:
about 200m shares. resource 1800mt coal.
Therefore, company is paying 2.22/t.

GNM offer for REY is 9cps for 184ms. Nil for 39m options.REY data:
184m shares, 39m options, resource about 500mt coal.
Therefore, GNM is paying 3c/t. LOL!!!
Assuming all of FLX is coking coal which is more valuable than thermal, and that coking coal is twice the price of thermal.
500mt x $1.1/t / 184m = 2.98 per share.
At this price, options will be ITM. Recalculate with options
500mt x 1.1 / 223m = 2.46 per share.

Hope the Chinese start looking at REY.