You are correct, Stevie, but the biggest factor is it now means that CLF cannot make a formal offer unless it is sanctioned by the BOD, or to use a better term, A friendly offer.

This simply means that they must first sit down with the respective boards, and negotiate a reasonable offer that is acceptable to both companies before presenting it to the shareholders. Otherwise we all get a free share for everyone that we own, and CLF gets nothing.

They can posture all they want, but the hard fact is they will not make any offer now unless it is the noted "friendly" offer. Mr Boor on BNN this morning was talking thru his hat, and he was aware of it.

I would expect a couple of days of silence from the players now as the next step has to either be an increased offer or an announcement that they are going to walk. Then the formal offer will follow.

Best regards

K