I just received (today) the Notice of extension filed by Cliffs on July 6. I realize that when I filled my opening account documentation, checking the box "I want the documents delivered in the french language" implied a price, payable in 'time currency'. No kidding, I sometimes receive documents well after the deadlines! Will uncheck that box very soon, I think...
This Notice of Extension is quite simple, couple of pages only. However, I observe interesting statements:
"1. Waiver of the Conditions of the Offer
By notice to the Depositary on July 6, 2010, the Offeror waived all of the conditions to the Offer set forth in Section 4 of the Offer to Purchase, “Conditions of the Offer” that were not satisfied and the Offer is therefore now unconditional."
Cliffs is now a majority shareholder of Spider ('Welcome, guys!') and they are stuck with us! (Surprise!!! We're still there!!! Wanna beer?')
"4. Time for Acceptance
The Offer is now open for acceptance until 11:59 p.m. (Eastern time) on July 16, 2010, unless extended or withdrawn by the Offeror..."
Still the same scaring salesman's tactic: "Hurry up, bring your shares, first arrived first served, the special may be withdrawn at any time!"
"6. Withdrawal of Deposited Shares
Common Shares may be withdrawn from the Offer in accordance with the provisions set forth in Section 6 of the Original Offer, “Withdrawal of Deposited Shares”."
Thanks for reminding. Think you had no choice to post that reminder, did ya...
BTW, one may notice that the volume becomes quite low at the Exchange. One has not to forget that there are about 400MM+ shares sleeping in the dark at this time, double-locked safe in Cliffs' custody... that doesn't leave so many for trading, given that quite a few of the remaining shares may also be sleeping in frustrated spider's pockets, awaiting the second match of this DoubleHeader!
GLTA.
BaBe.
