Spider Resources

Unfortunately our BOD in all likelihood did fulfill their requirements to the letter of the law. There was no clear offer that was better (based on recognized and present value) than the Cliffs offer. They made the offer when the SPQ price was depressed but it is a fact that their offer was a large percentage higher than the closing price the day before the offer. No one offered more money (KWG could offer more hope for a better return "IF" the valuation proved to be true and "IF" there was someone who wanted to pay that price) than Cliffs so the BOD had to accept this offer on behalf of their shareholders as the best they could get, at the time.

We can still keep our shares and hope the offer is rejected at the required meeting and then let the chips fall where they may.

IMHO Wishing