Benton had a great post about synergies of both companies and that an amalgamated company will do better. I believe this as well.

Here are some extra thoughts why this will go thru:

Consider that NOT got a PP at $2.80-is there anyone here or on the FWR board that seriously believes that FWR could get a flow thru at $0.70 right now-I mean before the merger was announced? Even if that would be possible, this is only giving you the valuation that NOT is giving you. The crazy valuation of 2 - 1 would give a PP of $1.40-some people just have no understanding of valuations here.

NOT has attracted some institutional investors. FWR has very little institutional investors and is one of the reason why Mac is so nice to retail-they are a very large majority of his shareholders.

NOT is very low as compared to where it has been in recent weeks. The next set of assays have the potential to send us on another big run up. If we hit $2.40, this gives FWR shareholders, a value of $0.60. If the deal falls thru and no other bidder comes to the table, where do you think the FWR share price is going back to? As an FWR shareholder, which I am as of today, I have no intention of losing so much money and I bet many others will vote with their wallets as well. Even at the current price of $0.38 many shareholders sold today because they know that if this deal falls thru, they stand to lose alot of money, anywhere from 25-40%!

Everyone talks about Cliffs supporting FWR. I for one heard that this is not so. Cliffs wants the area consolidated and if NOT buys out FWR and they only have to buy NOT afterwards, this suits them just fine. For them to come and outbid Noront for FWR does not make sense when you believe they want both and I do believe they want both.

Imagine if Cliff's offers cash for FWR and their Chromite and then Xstrata buys Noront to protect their Chromite market. They would flood the chromite market and no one makes money. It is much safer for them to let NOT swallow FWR and then step to the plate and buy Noront.

I also heard that a NR with assays will be out before the AGM and believe this is part of Noront's stategy to convince FWR shareholders to tender their shares for Noront shares because as the price of Noront increases, the potential loss of FWR shares increases as well.

To all those that believe that Mac Watson's $4M payout if the change of management happens and is fair and deserved and part of poison pill I call BS. If this was designed simply as a poison, why not spread it around evenly to everyone? Why is Mac getting double what everyone else put together is getting?

Also, Mac is sitting on 1.4M shares and 3.5M options which would turn out to be 1.25M shares of Noront. If Noront is bought out, I cannot see this at less than $6 per share (ok I really mean $10-15 but go with me on this), this would give Mac, 8M dollars...and some of you want to give him another $4M on top whipping out most of their treasury-Wow is all I have to say!! If Not gets taken out for $12 which I think is much more possible, this would give Mac $16M dollars...would this be enough to satisfy Mac and his defenders??

People are also bringing up the fact that FWR is worth $2-3 in a take over, not a paltry 0.3975. I completly agree that FWR is worth that much in a take over...but this is not a take over!! If NOT gets taken out at $12 per share, this will value FWR shares at $3...everyone happy right...probably not!!

Any way you slice it, this promises to be very exciting over the next few weeks.

Glorieux