At the end of the day, it all comes down to: they would sell for $1.1B in a heartbeat without any of this public posturing if they knew they weren't going to get any offers for more money today. They would take the money and be damn happy about it. Instead, they say "pfft, this is too low! We clearly need more for our unmonetized product!"

That's the part that pisses me off, not that they value it differently -- because they don't! They know that $1.1B is a great price for what they have to offer, they just think that they can grumble about it and get a bit more from someone else. This sort of negotiation isn't skillful, it's heavy-handed and completely and utterly transparent.