I would find it hard to believe that the NOT team made this offer for FWR without taking into consideration what Cliff's reaction would be. They would have likely worked through various scenarios on how they would counter Cliff's actions. Now they know...at least for now, Cliff's initial reaction.

In addition, Cliff's is likely planning their next move in response to possible reactions from NOT. I found the .60 PP as part of the announcement interesting. In the event that NOT prevails, this will effectively give Cliffs a larger stake in NOT.

I'm feeling quite certain that the end result will be something you could not even imagine at this time. I'm also feeling quite certain that whatever the final outcome, it will increase the value of all my holdings in the ROF.

For now, I will not tender my FWR shares to NOT or Cliffs

I will just wait.