Just a thought here on what you are saying. IMO,NN and the BOD should probably have been proactive months before this fiasco started with CLF,rather then having to be reactive once the hostile bid was in process. Remember this, if a company has resources but little cash and if a major is already in the area ( ie Clf takeover of FWR and their involvement in KWG ),THEN START DOING SOMETHING ABOUT THE SITUATION BEFORE YOU ARE TAKEN OVER NEXT. NN,IMO, should have done the merger months ago,probably the signal was to do it when FWR was taken over. NN seems to have done little of the sort and consequently SPQ was a sitting duck -a real easy and obvious target for CLF. I suspect CLF had SPQ on their radar for months-why did NN not see it coming ? IMO,you win more battles and wars by being proactive and anticipatory rather then having to be reactive.

If the other ROF companies do not learn from what has happened with FWR and now SPQ, then the same kind of hostile takeovers are likely to continue in the very near future. Be prepared .