Further to my last post:

Notice of Variation

Cliffs has filed today under Spider's profile at www.sedar.com the notice of variation in respect of the Revised Offer. Under the notice of variation, the minimum tender condition would require that there shall have been validly deposited under the bid and not withdrawn at the time of expiry such number of shares of Spider that, together with such shares held by Cliffs, constitutes at least 50.1% of the shares then outstanding, calculated on a fully-diluted basis. The Revised Offer will expire on July 6, 2010 at 12:01 a.m. (Eastern time).

July 6th is Tuesday. Why would my broker say Cliffs would withdraw their offer Friday at 9 am.

I can't see anything in the NR from Cliffs that gives them an out to ratchet up their date for withdrawing their offer with impunity, and as someone else has posted the law says there has to be a public statement of such. So someone is in trouble - either the brokerage company for possibly leaking information or Cliffs for breaking the law if in fact they withdraw their offer this Friday (July 2).

However, in Cliffs offer of .13 cents there is the following: "Subject to applicable law, the Offeror reserves the right to withdraw the Offer and to not take up and pay for any Common Shares deposited in the offer unless each of the conditions to the offer is not satisfied or, where permitted, waived by the Offeror at or prior to the Expiry Time. " The same could be in their revised offer of .19 cents. (I couldn't find the revised offer).

The above would mean they can waive the offer prior to the Expiry Time but it must comply with applicable laws.

I called Georgeson, the Information Agent for the offer and they knew nothing about the withdrawal, said they'd look into it and get back to me today.

I'm not a lawyer. The whole scenario is beyond me.

Gleegee.