"The offer caught Spider president and CEO Neil Novak off guard on Sunday morning.
"I was up at my cottage and got an email saying to call Mr. Boor of Cliffs," Novak says. "They gave us 24 hours notice on a proposal."
Novak says he didn't have enough time to get his entire board of directors together. "I asked for an extension, I asked for whatever was necessary to hold a board a board meeting and they weren't going to give that."
At the time of the offer, Novak also wasn't ware that KWG had responded to a similar proposal over the weekend and declined.
David MacGregor, a mining analyst at Longbow Research in New York says the offer itself was expected eventually but the way Cliffs went about it was not."
Welcome to the Yankee way of doing business! 2 or 3 quick knocks at the door, then get out of the way, we are here!
I'm happy to see that Frank Smeenk is not eating in the hands of Cliffs. Will that thing go to court? Courts are another tool beloved by yankees... Frank and Neil seems to be wanting to fight fiercely. Let's support them strong. Our only weapon is our votes, so lets keep a tight hold on our shares. I'm not that patriotic, but I really don't appreciate the manners of US-Cliffs...
GLTA.
BaBe
