Roadrunner....look at the advantage of getting into this so called bidding war...what does Cliffs end up with now that they didn't have before....

they got a .60 PP....now the price is up to .80

they managed to exercise their warrants at .45 when the stock is trading at .80

they got a $6 million break fee giong for them

They got NOT to raise their offer to 1 for 3.5 rather than 1 for 4. How many NOT shares does Cliffs get now compared to when NOT made their original offer.

Seems Cliffs has faired well through this so called bidding war.

Let's also not assume a takeover of NOT would be a walk in the park. I think NOT has been accumulating shares into the right hands in order to avoid any unwanted takeover offers. Cliffs has just been quite successful in becoming a major shareholder in NOT providing NOT wins this bid, without having to try to get into a PP with NOT. How much would that have cost them to get even 10% of NOT?