That's what stinks about this deal. Your price is fixed in Canadian dollars but your getting a US dollar stock, so not only are you basically losing your RoF exposure, you're also getting hit with a currency issue since the slide in the US dollar is just starting to pick up speed. If NOT's price continues to rise and the dollar continues to drop, the gap between the two offers will continue to get larger and larger. That's why I think we will see some support in NOT's price as investors dump FWR shares near the 0.90 offer price to purchase NOT shares so that they don't have to receive CLF shares. This could also bode well if NOT's instituational buddies are picking those FWR shares up on the other side.

There's so much going on behind the scenes that its not worth speculating, we'll find out soon enough.