Suppose CLF ultimately counters with a say, one CLF for 50 FWR. That would be a very minor dilution for CLF and quite affordable. Thats around $.75 Cdn for an FWR share, hypothetically. The big question is what does NOT then do. It is now in a poor position to improve its offer, as only NOT stock is available. One is left to presume NOT BoD thinks CLF won't pay for FWR, but CLF actions to date say otherwise. There is a bit of a disconnect, so there is something we are not seeing, or perhaps another party in the picture somewhere. Otherwise, putting FWR into play may backfire on NOT.