This might be a far-fetched scenario (and indeed quite Machiavellian) but what if there are in fact two Majors (ie Cliffs and a South African Co.) sitting on the sidelines, who want retail to believe that there will be a bidding war between them for the assets of NOT and FWR, but in fact the two Majors have had discussions between themseves about a merger, contingent upon the S.A. company acquiring FWR via NOT....in this scenario, Cliffs has agreed with the other Major to "stand down" and not counterbid...the merged Majors walk away with the whole enchilada at a very discounted price, much to the chagrin of retail...THAT would suck and I hope that it is not at all plausible.