Freewest holders that do not transfer their shares to Noront with Noront ending up holding more than 34% of Freewest shares could be hurt badly. Already Noront shares are creeping downwards. If it goes Noront's way Noront could let the respective share prices slide and FWR shares could return to the pre offer times. What would a holders of such shares do except lament his bad luck and choice.
It would be to Noront's advantage to have FWR shares slide so that those shares could be bought on the open market at the then going price and fill up their hold to the 2/3 level or higher.

Could be risky business. Just raining on the perade.