Cliffs have been buying SPQ shares on the open market and could continue that up to a certain 'trigger' point which they may have reached. That 'trigger' point I'm not certain of but at some level of ownership they run into shareholder protection terms and maybe market oversight.

The most probable situation is they've upped their bid and until that's released SPQ has been halted. Just the simplest explaination not necessarily the real reason.

No question but Cliffs play hardball and will not pay more than they absolutely have to. They've hedged their bets right from the start saying they'd buy one or the other (SPQ/KWG) but not necessarily both. Paying over the odds for SPQ makes sense because then KWG comes a lot cheaper as it's value is then totally dependant upon Cliffs since who would want to spend money just to be told by Cliffs 'thats the way it will be done and since we have control you can 'lump it'.