"value-enhancing alternative transaction"
Could just as easily be Cliffs from upping their ownership of FWR shares to forming a JV. I do not see them presenting an offer to buy the company and a merge would be of low benefit to FWR shareholders due to lower sp appreciation potential in such a large company.
I doubt there is someone else involved.
And I mean they just may be discussing but not necessarily that anything will come of the discussion. Therefore a true bluff.