Pretty astute guess, Snug. How much more does Cliffs have to offer before our BOD recommends that they are accepting the deal and advising us to follow?
In the last news release I had the feeling they were neutral about the 19 cents offer from Cliffs. They only said that 19 cents was more value than the deal from KWG. No other comments. I realize they didn't have many options open to them. What made me suspicious was how quickly and easily they came to a decision that the new offer was more than that offered by KWG. NN has been quoted here on this board as hoping to get at least 25 cents. That is a far cry from what many here expect. So it isn't going to go over big with very many here. But I'm afraid, like FWR, a lot of wailing by some, but too many will sell for the quick cash and look elsewhere to reinvest it and look for another outcome to profit from.
I think this is a ploy that SPQ is using to pry more out of Cliffs before recommending we accept the sweetened offer, and that our BOD is in favour of it. That may be behind the halt. It makes me wonder if they ever were serious about the merger. There has been some rivalry and the situation is more like the dog and cat in the same household. Neither likes the other too much but tolerates each others presence.
It is just my two cents worth ( might be over-priced at that ) but for sure the next few days will be mighty interesting.
