I agree with you in that I don't have a lot of expectation that there will be a third bidder.

However, if one did exist, they could still try to buy up a lot of shares, because owning 63% of an entire mining district is better than not being part of it.  It would just be very difficult for them to take Noront over entirely, unless they could create a new company (with the consent of Wyloo) that would allow Wyloo to reap the full benefits of their 37% in the future.  The waters are murky there.