"The special committee and board of Spider have determined that Cliffs' superior proposal constitutes a superior proposal as defined in the combination agreement. The proposal remains open until June 22, 2010. For five business days following compliance by Spider with the notice requirements in the combination agreement, expiring on June 21, 2010, KWG has the opportunity but not the obligation to amend the terms of the combination agreement and the amalgamation so as to match Cliffs' superior proposal."

Lots of confusion out there. The above was what was posted on the SPQ release.

So, it appears that if the offer can be modified up until Wednesday, they could very well have the valuation in hand by then. Certainly no one should even consider selling even once this next move is announced. The crucial moment will be when NN announces that the BOD is recommending the offer as it stands, but even then he has been voted down on 2 separate occasions in the past.

Best regards

K