BarbB: I'll put this as plain, as plain. Cliffs raised their offer. SPQ must consider it. They gave it to their legal council, just to be "safe". Because more money was offered (13 -16.5 cents), no one can deny it is a "superior/better" offer - three and one half cents better, that dosen't mean it is any good, just "better" then the former offer. Therefore the board of SPQ had to inform the shareholders of SPQ that Cliffs had made an new offer (legal lingo tries to confuse everyone).
KWG now has until Monday morning (I think that is their time frame) to come up with an offer they think will sway the SPQ shareholders to throw in their lot with them.
I'd be quite happy if KWG decided to offer SPQ somewhat more then the $1.21 share swap which would be the case if the two (SPQ and KWG) merged. I'd be happy just to see them merge and give them time to prove up their collective holdings. They have to offer something that will satisfy both their shareholders and SPQ shareholders that what they have to offer is better then what Cliffs is offering.
KWG can do this. You bet your boots they can, and I think they will. Then Cliffs will have to up their anti again.
But, please, everybody, don't sell your shares or "give" them to Cliffs until we see what KWG comes up with.
Gleegee. (My opinion, only).
