Answers will be subjective, but I would be saying around $4.50...

Answers will be subjective, but I would be saying around $4.50 would be a fair price, but a bid a bit over $4 would probably win it. In two year's time I would guess that CSM (as grown from its current form, not as TTY or Pallinghurst) could reasonably be fetching $6, assuming growth in Ni and manganese prices staying highish. China and India are not going away and Australian commodity companies are set for a golden era, methinks.

PS If he was to do it, an MK bid of $2 and two TTY would be very tempting for some CSM shareholders, I'm sure.