Cliffs does not have anyone on the BOD as of MAY 21 So i don't believe there is any insider trading.

KWG’s Board of Directors has appointed Cynthia Thomas to fill a vacancy occasioned by the resignation of Richard P. Fink as a Director of the Company late on Friday afternoon May 21, 2010. Ms. Thomas is Chair of the Board of Victory Nickel Inc. and has 28 years of banking and mine finance experience, and currently acts as principal of Conseil Advisory Services Inc. (“Conseil”), an independent financial advisory firm specializing in the natural resource industry which she founded in 2000.

As far as I know I don't think that Cliffs has made a formal offer as of yet. I think it was just an intent offer.

In which case they can do as they please. and buy buy buy

It's not so much if they can buy but who is selling to them at these low prices.