Mike and Don: I appreciate both your analyses, with considerable merit to your thoughts which consolidate the key variables. Now, I am Cliffs, and I have the financial resources to move a plan forward. My forays into KWG and FWR were pocket change. I can make a counter that NOT cannot compete with and assure me control of FWR. I do not need NOT's support because their chromite eventually needs my market regardless and it is only a comodity. In a share exchange for CLF stock, FWR shareholders get "as good as cash". NOT cannot outbid me without support of an undisclosed major, which is unlikely. CLF stock is fairly valued and requires no further dilution.

So is it possible FWR is running from CLF, eliciting NOT's support via the combo offer? With FWR's treasury, I would say "Not likely". But as FWR I now have the perfect situation, an offer that is likely to force a higher and liquid offer from CLF. That is actually quite beneficial to NOT as CLF follows through its development plan. So, lets expect really good things to happen, whether you are FWR, NOT or CLF. The release by NOT of more drill results may push the price of NOT up making the deal more attractive, but not materially so given CLF's dominant capitalisation. It becomes only a question of price.