This overly agressive strategy from the giant Cliffs against tiny Noront (full of half or not proven accusations and suspicion) is surprising and unusual. It hardly hide their apparent nervousness. High tension is perceived, like the one we see from a star candidate after he received a devastating internal poll...

Obviously, they realize that Noront tactic is maybe working. Noront is accumulating shares everyday, and there is nothing they could do about it. Carpet is sliding under their feet and they just can't do nothing! Noront's tactic to offer that quite original share exchange, with tax deferral available, and finally waiving any conditions, was genial, I think, and it may well force the giant Cliffs to fall down in this deal. Noront could not start its first offer waiving any conditions, it would have looked weird... But after Cliffs' 1st bid, the timing was good. Bravo! Not finished yet, but for sure, NOT has very good and seasoned advisers in the back seat!

It will be interesting to listen to them tomorrow mornig. Feel the tension in the air...

BB.