Another interesting thing: CLF did not have to reply so quickly (Thurs Dec 3), they had 5 business days after FWR gave them notice, latest Mon Nov 30(NOT offer) + 5 business days = Mon Dec 7. CLF gave FWR shareholders 2 extra days to tender to NOT's offer expiring Dec 11 if they were otherwise waiting for a CLF reply.


If Freewest's Board of Directors determines that the revised Noront offer is a "Superior Proposal" as defined in the Cliffs Arrangement Agreement, Cliffs has the right, but not the obligation, to offer to amend the terms of the Arrangement Agreement within a period of five business days after Freewest has met certain conditions, including providing notice in writing to Cliffs that it has determined that the revised offer from Noront is a "Superior Proposal".