As I understand this the purchasing company cannot buy with insider information or if they have signed a confidentiality agreement.

In this case they had an insider on the BOD of KWG so they can't buy KWG shares for that reason.

I believe they are free to purchase up to 10% of SPQ before Cliffs must file as an insider, they have purchased 3% and have now made a buyout offer which prevents them from further market aquisitions

The next benchmark is 20%.

If they excceed that they must file a take over declaration.....either hostile or if they have BOD blessing, then as freindly.

Since they have made their position clear on SPQ they are also prevented from market buying.

If I'm mistaken in this then please correct me

.imo...........Carry