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Re: SPQ/KWG Merger Questions

Spider Resources

about 14 years ago

in response to Trace's message

do we now have to wait for the SPQ BoD to determine if Cliffs 'new' offer of $0.19 is a superior offer?

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Not sure if SPQ BoD has determined if Cliffs 'new' offer of $0.19 is a superior offer, but Cliffs has contacted Mr. Novak last Friday.

From SEDAR :

On June 25, 2010, Mr. Boor contacted Mr. Novak and indicated that Cliffs was prepared to increase the offer price under the Offer to $0.19 in cash per Common Share on the basis that the increased offer was supported by Spider.

Immediately following that call, Cliffs delivered a letter to the Board of Directors proposing to increase the Offer to $0.19 in cash per Common Share, conditional on entering into a definitive support agreement with Spider and lock up agreements with directors and officers of Spider, and Spider terminating all agreements with KWG concerning the proposed KWG/Spider Merger.