Sorry about late comment, too much action going on with this forum, not a complaint but a cheerful observation.

Have you missed reading Noront reasonong regarding the offer?
They want FWR chromite to form a larger pool to make it more practical to develop one large mine instead of competing two. The down side is that if one develops a mine on their own the other is left holding an asset that they can not afford to develop for dacades to come.

By 'last offer' Noront is sending Cliffs the message that Noront probably already has 34% tendered so do not drive the price up for the remaining shares unless you want to walk through a mine field. Music to my ears.