As a bystander, reading the FWR board and seeing all the oppposition to the Cliff offer I can't help wondering whether any offer will be enough for the retail holders . Since Cliff is the only bidder what will its likely tactic be? I guess the first stage will be the vote itself. People on the FWR board seem to think that others are waiting in the wings to bid but Cliff may be uniquely placed and be, for now, the only game in town. If the bid is defeated will it just withdraw? If someone else bids later they will have to bid more than $1.00 presumably, and then Cliff could counter-bid. Oh, to be a fly on the wall at Cliffs. IMO FWR retail people may be over confident about the strength of their hand. Shorting FWR here might be a brave move, but no doubt some are doing it