If Freewest shareholders are considering tendering their Freewest shares with the expectation that Freewest and Noront will be merged or combined, the waiver by Noront of the 66 2/3% condition of its offer means that this will not necessarily be the case. If you tender your Freewest shares to the Noront offer, Noront must buy your shares, and will pay you by issuing Noront shares from treasury. However, if Noront acquires only a block of Freewest shares, but less than 66 2/3%, Noront will not have sufficient Freewest shares to guarantee the merger or combination of the two corporations. In such circumstances, Noront will be nothing more and nothing less than a Freewest shareholder and, in all likelihood, a minority shareholder

That is the second time today I am reading the word merger. Could there be more to it?