"If it was a white knight, the only way they would do so is to buy out both KWG and SPQ. Why buy one of them?"

Agreed on that one.

Here's another thought:

CLF said it wants to go after SPQ more than KWG.

Perhaps CLF gave spider a new (HIGHER!) offer over the weeked which is now reviewed by SPQ BOD for response.

So in theory, CLF could be the "white night" and hence the drop in KWG. CLF is up nicely this morning... +2.38 per share... would be nice to get that 2.38 in CLF shares for each SPQ share no?????

GLTA.