"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 agree that Spider Board had probably a pretty good idea of what could be a superior offer to KWG's. The point is not there. The fact that Spider officially gave the answer right away to Cliffs, allowing it to publicly quote Spider BoD in their NR is an additional indication that they may have defected. So long, KWG. If Spider was still at war with Cliffs, such confirmation would never had been done on Friday. Just to screw Cliffs, and start the 5 business day on Monday! They chose instead to screw KWG. Why?

KWG pretends that this quick determination by Spider is unfounded.

From the KWG 06/29 NR:

"KWG understands that Spider's board of directors concluded that the Amended Offer constituted a Spider Superior Proposal within only one hour or less of receipt of the Amended Offer.

The Special Committee of KWG, with the assistance of its financial and legal advisers, will continue to consider what steps to take as a result of the foregoing determination."

I'm all for the merger, and also a lot subjective for we shareholders.

And if I'm all for the merger, I'm also obviously all with KWG. Where's Spider Board leaning right now?

GLTA.

BaBe.