"and so Cliffs opted to let the market decide whether its price was good enough".

The market has decided it wants more money. Cliffs has paid .135 so they think its worth more too. When the sellers of shares(not shorters who are selling shares they don't own) stop selling and want .25 instead then that shows Cliffs that .25 is what the market wants. If you don't sell then they will pay more. Logical, why sell at .13 when you can have .25