Confidentiality agreements are a dozen for a dime especially when there are discussions or upmanship regarding PPs, mergers or take overs. Normally one does not issue a news release because an agreement was signed, unless one wants to make an issue of it. I suspect another act of desperation because it is out of character for companies to advertise such.

I highly doubt it is with Noront, but my best guess is that it is one of the very institutions that will be at the Noront luncheon on friday - one that has not had a close look at both companies. This would be in preparation for the meeting because they want all the info from both.

Any serious contender with an offer to FWR would have had a standing agreement for months at the very least. Buyers do not do these at the very last minute while another offer is in progress.

Jmho.