For a fair and reasonble offer to shareholders, it should be...

For a fair and reasonble offer to shareholders, it should be $2.10/share plus 2 shares for 5. This would value CSM at $3.50 /share.
Any less than that you would have to be a fool in accepting. Yes they can bring upside but you'll only get 40% of the upside.
Manganese prices are back up to 2005 levels and ConsMin will be making an extra $100million profit FY on manganese alone on these new prices.
We are now talking US$5.00/dmtu CIF China which equates to US$4/dmtu FOB which equals sales revenue FY of $230 million at present costs of $108/ton This would leave a FY profit of $130 million.
Most shareholders wouldn't have a clue what is happening in the manganese and chrome ore markets and are just being lead like little lambs to the slaughter