K you are right to a degree. I am still not clear on this tendering thing(my belief is that if NOT does not get the 2/3rds they have to give the shares back). But let's say NOT did in fact get possession of 34% of the FWR shares and used them to vote against the Cliffs offer. This senario brings other issues to light in relations to stock market rules about ownership and #'s of shares in public companies. Unfortunately I have not researched nor do I possess the knowledge as to how these things work.