" Like other say, and I buy into, all NOT needs is 34% and Cliffs fails with their bid. That's assuming nothing changes in the meantime. Their will be a lot of FWR shares not in Noront's hands after that meeting. I think the BOD of Noront would be fools not to extend a similiar offer to gather in these shares. How could it be illegal for Cliffs to tender the shares they own"

Why would NOT have a reason to extend the offer. If they get their 34%, and take them up immediately, they are in complete control of the engine driving this train. They will be under no legal obligation to take up the remaining outstanding shares unless they reach the crucial 66 2/3 level. And there will certainly be no moral obligation neither, as the remaining shares will be in hands that have gone to extreme efforts to thwart them to this point. If they simply do not extend the offer at that point, the SP will drop like a stone, and they will be in a position to name their price for the remainder.

Best regards

K