Why make an offer at this point in time? I mean an offer would immediately spike the sp to probably near if not over the 2$ level. So all the shares to be aquired would cost $2 or more. Leaving things as they are one can accumulate in bits and pieces at half the price. There is no need for urgency when the management can not deliver any news that will pump up the sp. I am accumulating so why not some other entity. My only problem is lack of funds so am limited to buys of 500 to 1000 shares at a time. If I had the funds I would still do similarly but in slightly larger lumps to be under the radar and not to bump up the sp with my purchases. My point - What makes you think that shares are not being acquired? Particularly by some third entity on behalf of Cliffs or similar. I would be very surprised if that were not happening. I have seen too often that an offering company already has shares in the one being bought out to near 10% of outstanding but not over so that they would not have to reveal the hold. Consider the possibility that two brokers are tag team aquiring for one prospective buyer, each broker can hold up to 9.9% making possible a hold of near 20%, not having to reveal, and having a tight hold in the way of anyone else trying to step in on their act.