I am sure that all of the untendered shares probably only represent a few percent of the total float. The money represented in the end would be insignificant. Think about it:

Say they get to 92% of the float and have to take out 8% more, and finally quietly offer 30 cents to "make the problem go away."

About 600m shares * 8% = 48 million x 11 cents premium = a touch over $5m.

Petty cash, considering the price paid for the rest of the shares.

There is no doubt that Cliffs will win, in the end.

The only drawback to them with this approach is that they set a bar for KWG. They'd be better off trying to take out KWG first, although I'm sure that they are quite aware by now that KWG is gearing up for the good fight.