If an offer is made by Cliffs, we may hear it from Mac first but IMO, Cliff's would make their own NR on this. The rumor that Cliff's will step in and bid for FWR would imply that Cliff's has some loose lips which I do not believe. Would they consult with Mac before making such an offer giving him time to pump his stock with that info?

There is big money involved here and keeping people believing that Cliffs will make an offer gets people holding onto their shares and makes it easier to manipulate the price up which plays in Mac's favour when responding to NOT's offer.

When you hear a rumor you should always consider source and what that source has to gain by spreading that rumor.

Glorieux