From the NR this morning, note the last sentence:

"All of Spider's shareholders are now aware of the value that our largest shareholder has placed upon the shares of Spider, as well as what Cliffs after much deliberation is offering. The price of $0.19 per share places a value on your company in excess of. $125 million. The determination of a fair price to accept per share for your company is a very difficult process involving many elements. As I have stated before, Cliffs is a great company, it was definitely an option that we needed to consider, however it wasn't the only option, we needed time to consider or entertain other offers, including the Amalgamation. Your Board of Directors and its Special Committee, along with their respective legal and financial advisors negotiated long and hard with both KWG in furtherance of the Amalgamation and with Cliffs to be able to obtain this $0.19 cash proposal from Cliffs" states Neil Novak, President and CEO of Spider.