"About a new NOT offer of say 3-1 and not touching FWR other assets. Because of the $6 million penalty, FWR's Board has basically shut the door on NOT and any other suitor. If another suitor were to come along and offer the FWR board a better deal than Cliffs, the first problem would be a $6 million cost as that is what Cliffs has done to ensure the FWR board does not deal with another friendly offer."

Not necessarily. NOT's offer closes on Dec 01. They could have better than 33% committed. If they come out with another release similar to the last one, they undoubted will get at least 33% of votes. At that time all they have to do is let it ride. Come the first part of January, and a vote, if Cliff's offer does not get the necessary percentage the deal as it stands, is dead, and the 6 mill deal is dead also. Or they could change the offer to include only the ROF assets.

Difficult thought on the above though is that it leaves everyone in limbo for the rest of winter.

Regards

K