The timing of this "bid" tells me that NOT has as one of its main objectives to smoke out CLF and see what they are prepared to do to enhance their footprint. Assuming for example that CLF counters, it will be higher than NOT's bid, from which there is a good and a caveat: the good is that the valuation bar is set higher and given credibility by a sizeable player bidding; the caveat is that NOT gets no direct benefit from losing the bidding war. With the Sudbury situation looking like it might go into extra innings, nickel development in Ontario is a tough sell. Since FWR knows all this, I expect FWR to decline and to ultimately hammer out a deal with CLF based on chromite alone.