Hi guys - been following since 2010 but never posted here.

I believe based on the below that it doesn't work the way you mentioned. They need 50% of outstanding shares EXCLUDING what they or anyone working with them already own. 

The Offer is conditional upon, among other closing conditions, there having been deposited pursuant to the Offer and not withdrawn at the expiry of the initial deposit period more than 50% of the Noront common shares then outstanding, excluding the Noront common shares beneficially owned, or over which control or direction is exercised, by BHP Lonsdale, the Offeror and any other person acting jointly or in concert with the Offeror.