"Not only will they lose controlling operatorship of Big Daddy, they will also see their interest in KWG diluted."

Hi SRV: Cliffs interest would not be diluted much as to the capital value, as they would end (roughly) with about 9% of 100%SPQ + 100%KWG, so about even there. But their votes would pass to 9% or so instead of 19%, because of the issuance of additional shares to Spider shareholders as a result of the 3-corner procedure (of which the Right of Preemption does not apply)

Hoping for 'Joy and Pride'!

GLTA

BaBe.