"I wonder if Cliffs just wanted to feel out the market and us SPQ/KWG shareholders reaction to a 13 cent "potential" offer before making a real one... Kevlud"

And also, that it was done over a holiday weekend, they seemed to be checking how the cos reacted when rattled and how quickly and affectively they could respond. Needless to say they are also checking out the blogs too to get an initial sentiment reading. The level of irritation/acceptance meter.