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Re: SPQ/KWG Merger Questions

Spider Resources

about 14 years ago

in response to Trace's message

"I know this might sound very simple, but do we now have to wait for the SPQ BoD to determine if Cliffs 'new' offer of $0.19 is a superior offer?"

I was surprised to read that Spider's BoD had already determined, and readily confirmed to Cliffs that the upgraded KWG proposal was in effect a "Superior Proposal". Are there armed GIs involved in the process, with guns pointed to Neil's head? A couple of hours only... Neil could have said "You'll get the answer when you'll get it, sirs". Maybe they didn't want to have a 'loophole' before July 8, holding the Special Meeting wtill awaiting KWG's answer...

From the June 25th Cliffs NR:

"The Board of Directors of Spider has determined that the Revised Offer is a superior proposal as compared to the amended terms of the proposed merger (the "Merger") with KWG Resources Inc. ("KWG") (TSXV: KWG) announced by Spider earlier today. Cliffs also announced that it has executed a lock-up agreement with Spider's largest shareholder supporting its Revised Offer."

GLTA.

BaBe.