Great post...one point to add...the comparison of the two offers and the determination of the "superior offer" can only be done (accurately quantified) when the valuation of KWG is completed...prior to that, the comparison of $0.19 vs the value of the amalgamation offer, is speculative and IMO cannot be binding as the supposed "superior offer" ...

I speculate that KWG/SPQ might be holding on to the information in the valuation(s) as a last minute strategy whereby it could be released to support the merger at a very late moment in the process, in order to prevent Cliffs from trumping it with a last minute hostile offer.

The announcement of the valuation could very easily be used as a press release highlighting all aspects of the ROF as well as those of the two merging companies, thus garnering greater attention from bigger players who might appreciate the increased value of "control" and be willing to pay for it. Deep pockets and their shareholders are able and willing to accept a longer period of development in order to see the real ROI.

Good luck to all SPQ and KWG SHs...long and strong.

P