I think if you could buy the 50% in one shot - for sure. And presumably, you could accumulate that 50% over a given stretch of time but it would probably become costly by the time you achieved your goal. (SP would rise dramatically)

As soon as you own 10% you must legally declare it to the public. That would trigger other minority shareholders to either accumulate themselves (SP going even higher now) or try to prevent this entity from getting the 50%.

That's why IMO, after Dec 11th if the NOT deal is off the table and Cliffs does not change the terms of their agreement (like lose the 66% clause amongst others) that FWR could be left to waiver in the wind with a disgruntled BOD with a new BOD member from NOT at the table. In that case I think it's effectively 'spinning it wheels in the marsh' and its SP could be left for dead. Then I would expect several NOT backers to accumulate over time in the future.

Of course, I am a complete amateur - but there's some thoughts to kick in for you....