This is from CLF Yahoo Board, something is definitely going on, maybe take over in next weeks, months:

From leogsb:

Please read second paragraph from bottom on page 2 on this link:
www.kslaw.com/Library/publication/ca0211...

"The redemption feature of a Rights Plan acts as the fulcrum of the board’s negotiating leverage. Because
the board may redeem the Rights at a nominal cash price (e.g., $0.001 per Right), potential acquirors are
encouraged to negotiate with the board. Thus, by redeeming or refusing to redeem the Rights, the board
may facilitate a bid that is in the best interests of the shareholders or hinder a proposal that is inadequate or
coercive."

My conclusion:
Today's announcement confirms that there are takeover bids in place and/or takeover attempt threats are being made by parties by acquiring shares above the threshold set by the board (controlling stake). CLF board wants to prevent such hostile takeovers and rather wants prospective bidders to negotiate better price with the board directly.

This development is 'very' positive for the existing shareholders of CLF as today's announcement is an evidence that the board is working in the interest of shareholders.

GLTA

from stockup23:

Remember what happened in 08? Cliffs desperately tried to buy Alpha Natural Resources but the deal was met with heavy resistance by Cliffs' largest shareholder, a hedge fund manager. They even changed the name from Cleveland-Cliffs to Cliffs Natural Resources in anticipation of the transaction. I believe Cliffs won shareholder approval, but it was called off when the economy tanked soon thereafter. They may be looking to acquire someone and they don't want the MM's harassing them again .

Good luck to all SPQ shareholders!