I now firmly believe that the PT should be more like $14, if not higher.  I still believe that a timeframe of 3 years is appropriate.  The resulting company will be very strong both financially and technologically.  I also have to give NOK's management a TON of credit for getting the best deal out of ALU.  While this is a short term negative for those long suffering ALU longs, in my case, given that I started the potision when the stock was at $2.5 and added heavily in the $3.3 to 3.50s, I am not at all concerned by the NOK offer.  Long term this should be a handsomely profitable bet.