Who's The Other Bidder For Massey? (MEE, MT, ANR)

FBR Capital said today that Massey Energy

is weighing offers from multiple bidders, but hasn't made a decision about what to do with the company. The board of directors isn't even sure if the company will remain public or merge with one of the potential suitors. Alpha Natural Resources

according to

has already made a bid for the company. So that begs the question: Who's the other bidder? It would have to be someone who is interested in Massey's coal from a strategic standpoint, like perhaps a steel maker or another coal company. Speculation has been rampant that Arcelor Mittal

was the other bidder for the company, but talks never got past the exploratory stage. I do not believe it's Mittal. It could be a major mining company, like a BHP Billiton

or Rio Tinto

, as these companies look to expand their portfolio of products. Perhaps it's Walter Energy

, which has gone on something of a buying spree recently, as it looks to expand its different coal products. Or even Consol Energy

. Whoever the other bidder is, this could turn into a bidding war, as Massey has some choice assets and with Alpha Natural having already made a bid, this one will benefit Massey shareholders whoever wins.