My feeling about the NR is that they were wise to use the wording that they did. Polite recognition that CLF's new offer qualifies technically as a superior offer.

I believe that the fact that there is a five-day window for KWG to reply is also favorable. The more time that passes, the closer we get to the July merger vote. Five business days with nothing happening is good. After close Friday, or perhaps on Saturday, there will be another release to determine the next step in the chess game.

My guess is that KWG is fully prepared for this, had pre-planned for such an eventuality, and are now sitting there knowing exactly what their response is going to be, and just have to twiddle their thumbs for several days. Well, at least I hope that's the case!

I certainly hope that SPQ's next release is akin to, "Oh, sorry guys at Cliffs, that was such a nice little gesture by increasing your offer, but unfortunately, you just got trumped, as you are now aware. Bam. Pwn'd."