Will the potential JV lead to privatization of "Noront"/ROF.

Did responses to phone calls made on behalf of BHP lead them to believe there are unreasonable expectations from shareholders to attain required number of shares to reach the required threshold and the bidding war was really financially counter productive to both companies.

If they can't/don't come to an JV agreement does BHP withdraw it's offer which essentially would make Wyloo the major shareholder for Noront going forward.

The reason that Wyloo didn't/hasn't responded to the BHP increased offer in hindsight now appears to be of concerns expressed.

The market has responded very quickly to this turn of events.