The most important fact is that they ARE after FWR. NOT is committed to this bid, and whether strategic or otherwise, believes 4/1 is great value for NOT accretion. However, a failure of this bid may have little impact on the actual long term valuation of NOT given the huge unexplored land base. What we really have to like is that this moves the third party strategic moves forward, as NOT's bargaining position improves significantly with FWR integrated.