I see ya...and I raise you XX$ ??? IMO there is an outside chance that a canadian company would take a run at us, but do you really think that the KWG board would accept and recommend anything under a dollar to its shareholders, and would they (take-over comapny) be able to accumulate 80% of shares to request the tendering and then up over 90% to have legal right to take KWG private...Hmmm...what are the odds of that. Unless they have been accumulating for some time, it isn't likely...but weirder things have happen. I think the odds are better that the Leafs will win the cup next season.

The way I see it...the only way left for Cliffs to take-over KWG is if the the rail license is approved and PPP also approved before Feb 2012. That would give Cliffs just enough time to complete a valuation of KWG and make a friendly offer, knowing that KWG is "ready, able and willing" to spin CCC out and still obtain the 3P funds totally independant of Cliffs...(remembering that Cliffs can't execute the take-over, until the CCC is not part of KWG anymore),,,then it all comes down to the price that Cliffs is willing to offer for KWG...this will determine if they are able to convince enough KWG shareholders to sell (+90%) in order to take KWG private and own BD completely.

The delimma facing KWG shareholders is whether we should hope for a sizeable take-over offer before, or after April 2012 as it relates to the possibilities presented by the other bigger take-over candidates who might bid first, counter-bid or out-bid Cliffs. Talk about a conflict of interest...Cliffs tries to bid as low as possible for KWG, then has to vote against a higher competing bid from another take-over company... Someone could write a novel about this someday and have Michael Douglas play the CEO of Cliffs in the 'threequel' of Wall Street.....'Bay Street: the take-over of North America"...by the time it happens the CDN $ vs the US $ will be at two to one or more...

Good luck to you and all KWG longs

LP