A very likely scenario Bluespruce.
I would expect the chinese to make a $2 offer but rejected out right.
Followed by perhaps one of the mentioned majors to offer 10 to 20% more but they all fall fall by the way side because Cliffs would benefit most by offering an even better offer.
$2.50 might do for starters to flush the others out but would not fly with Noront shareholders even with our current sp. Even the hedgers would not bite at 2.50 imho.