This tender offer by NOT was such a brilliant move from the beginning. At first, one could be frigid, especially facing the apparent complexity of the process, no SH meeting... tax election...five or six options to choose from in the Circular... target of 66 2/3 %, and so on. I was sticking tight to my Shares.
No way this offer was just prepared on the table corner during the week-end, after the friday evening knocking on the silent door of Mac, etc... It was built up in a brilliant way. Bang!
They knew that Cliffs was coming. And they came effectively: adding only a few pennies. Then NOT raised the stake to its 'real' proposition @ 3,5:1, adding a little sweetness to the plate (the warrants) and plenty of time for the ongoing cumulative process to find its way. And, most importantly, NOT discarded his wild card, waiving the 66% condition! "We take wathever is tendered, against 3:1 NOT shares + 1 X 4$ warrant, and take your time to think, but we warn you that it's a final offer".
Bingo! Genius move, Wes. We know the following part. Upset giant Cliffs replies timidly (sorry, is this an english word??) with a few more pennies, Mac holds a poor conference call, giving the impression that his luggages and fishing rod are waiting for him at the door, and Cliffs later adds more to this grotesque play with a desperate US-type crusade in the newspapers, filled with insinuations and non/half proven accusations(!!!). NOT is preparing this move for a long time, and as you say Misfit, with some solid help. I would add with clever and ingenious advisors.
Cliffs face is probably turning from dark blue to purple at this moment. Mac's? Hmmmm, from pink to green-white, maybe. I say that with respect because I think Ma Watson did a really good job with his baby over the years... How will giant Cliffs react? Woooh! What an exciting game ! And to be, in a small extent, part of it! I did not had this kind of show with my investments very often in my long small investor life...
And, before I forget, Misfit... Just for the sake of it, as if Bob Barker asked me, I would say, just to tease you a bit: 52% +1 share!!!
Good luck to all!
BB.
