Let's logic this thing out.

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?

CLF will not make any bid for KWG until they have the evaluation in hand. They have asked for it, and the rules say they must make their offer based on this evaluation. Therefore even if they upped their bid for SPQ at this point, they still would not make the offer for KWG. This fits our present situation, except that why would they up their offer at this point, unless they were aware of someone alse coming into the fray?

At any rate, based on the above, I am buying KWG this morning.

Best regards

K