The fact Noront has not heard from Wyloo tells me Wyloo will not tender their shares to BHP and it's way too soon to count them out on the bidding. 

So far, Wyloo has done more for shareholders than current management in getting the share price up and I'm not counting them out of the bidding yet.  Regardless, this management, as pointed out by many here, seem more interested in holding their positions than looking out for shareholders "best interest". 

If/When BHP's offer expires, Wyloo will continue to have a large ownership position and I'm sure they will do whatever necessary not to dilute that position.  A top priority seems to be replacing management and that will be a positive for shareholders.