Thanks Irish, maybe 2 very important points from this Document:
1) The Special Committee and Spider Board have determined that the Cliffs Superior Proposal
constitutes a “Superior Proposal” as defined in the Combination Agreement;
2)For 5 business days following compliance by Spider with the notice requirements in the
Combination Agreement, KWG has the opportunity, but not the obligation , to amend the terms of
the Combination Agreement and the Spider/KWG Merger. The Spider Board will review any
offer to amend the terms of the Combination Agreement and the Spider/KWG Merger to determine
in good faith whether an offer, if any, by KWG would cause the Cliffs Superior Proposal to no
longer be a “Superior Proposal” as defined in the Combination Agreement; and
3)
The Spider Board and Special Committee, with financial advice from TD Securities, are considering
the Cliffs Superior Proposal in accordance with the terms of the Combination Agreement. The
Spider Board and Special Committee will provide its recommendation with respect to the Cliffs
Superior Proposal and any offer to amend the Combination Agreement and Spider/KWG Merger
upon the lapse of the 5 business day period referenced above . The Cliffs Superior Proposal
remains open until June 22, 2010.
There is no need for Spider’s shareholders to take immediate action and we will advise Spider’s shareholders
of further developments relating to Cliffs Superior Proposal as soon as practicable.
GLTA
