"That is the logic that I believe leads many of us to postulate that CLF itself could be that bigger bidder, considering NOT cannot outbid CLF if CLF wants FWR now."

....unless NOT has a big brother who sits quietly while NOT sees if they can grab FWR more cheaply. Imagine the sp of FWR if XSTRATA were making the offer for FWR. NOT's circular to FWR holders lacks the propaganda or hype to relinquish shares that one might have expected. It's a dry bones document covering the legalities without any seeming zeal on the NOT part to gain shares. Why? This is certainly a 180 from the last time the NOT heavies put on the gloves. Why the apparent lack of enthusiasm? Is it a sign of confidence, an indication that something else is actually expected whether it's a simple accumulation attempt in stages or something unexpected as yet? If majors don't jump in it could be a sign that someone is acting on their behalf to consolidate cheaply. If NOT is the one doing the consolidating in the end, I would not like to trust what they intend to sell for. If NOT is acting as an agent for another entity then they are indeed money men/hedge folks and not explorers/miners and I would wonder what this type of agreement involved. To date these folks haven't really done much more than run with what was already found as some of our posters have pointed out through hole counting. What are they actually up to? Who do you love folks? This is all simply my opinion and postulating.