AlsoFromSudbury: You seem to me to look at this offer as negative to Cliffs.
I see as negative only to the extent, if FWR sells the chromite body to NOT, because FWR shares are almost worthless to Cliffs. They are not so much intereted in a plain investment as maintaining a foot hold on the chromite.
However, IF FWR merges with NOT then Cliffs has 2.5% of the shares in the resultant company and soon after it will aquire to just below 10 percent of the company.

The plus for Cliffs at the price of buying the added shares is that they will have a foot on the whole Chromite resource, which is probably their original intention. So this event is most likely working according to their master plan - to keep other major outsiders from the chromite until they are ready to snatch the whole thing and offer it to them, or operate it themselves.

There is something going on, I'm betting on it.