But here's the thing, with the condition of getting 2/3 of the shares out, if the shares are now tendered or currently tendered shares are not withdrawn, does that not mean that NOT is actually buying (or agreeing to buy) those shares as and when tendered?

So what happens if we get, say, 25% of the shares? If Cliffs raises its offering price, and we don't raise our offer, and Cliffs is successful, we make money on the shares, that's not a bad thing. But if Cliffs does not raise the ante, then are we stuck with 25% (or whatever we get short of an amount that gives us effective control), and are we happy with that?