By extending the expiry date beyond Dec 1, NOT will put itself in a position to take up all or any shares tendered to its Offer, and act jointly or in concert with others to obtain control of at least 1/3 of FWR shares. NOT has also reserved the right to take up 5% FWR in the open market. There will be no SRP to deal with, and as long as CLF does not attempt a further PP to dilute the shareholder base, CLF will have no way to obtain 2/3 shareholder approval for its offer unless it comes to a consolidation agreeement with NOT, which was the point of this exercise in the first place. Hence the reason why the CLF deal was so deliberately inadequate: to force some FWR shareholders to tender to NOT; hence the reason the NOT pps is currently in a down trend: to force some FWR shareholders to sell and buy NOT in advance of its next news release. The joint actors who are presently taking up FWR shares will be in on the $1B infrastrucure financing.
IMO