I certainly have read the NR regarding the Cliffs' offer, and specifically the stuff about how hard the Spider BOD worked to get the .19 offer from Cliffs to be strong evidence, while not dispositive, that the Spider Board backs the Cliffs' offer, that, plus the fact that they called it superior, which, by itself, could reasonably be viewed as telling KWG that the ball was in their court.

So, the stuff about SPQ's Board announcing it was a superior offer within an hour of formally receiving it is a red herring, since if they worked hard to get it, then they knew about if for a much longer time and had analyzed it to death by then.

I'm all for the merger, but also at least a little for objectivity.