You say :: They will not take the 50% of the shares. The deal is that they dont get 66% they will take none of the shares. They go back to the people who tendered them.TTY

Maybe you should re-read the Offer?

This is from the offer!!

One of the conditions of the offer is 66 2/3 % of FWR shares must be tendered. Not has the right to refuse to take up any unless 66 2/3% are tendered, but NOT can waive this condition and take up any or all received, and proceed with a minority takeover.

Noront Offer to Purchase Oct 13, 2009
pg 16

Conditions of the Offer
Noront reserves the right to withdraw or terminate the Offer and not take up or pay for any Common Shares deposited under the Offer unless the conditions described under "Conditions of the Offer" in Section 4 of the Offer to Purchase are satisfied or waived by Noront at or prior to the Expiry Time.

I hope this helps!!