Quite a gap there, Ed, 5 cents to 20-25.

As I recall, the SP was floating around 11-12 cents, same as Spider, when CLF began it's run at both of them. There was quite the to-do when KWG did not get the same 19 cent offer as SPQ.

In today's market, using the same math, an 11 cent offer is likely stretching things a bit.

Ditto for Noront. An 86 cent offer from Baosteel would likely get taken up in the first round.

Better for everyone to hope there is no buyout contemplated over next few months.

K