I think that Cliffs is playing both side of the fence.
Wit there offer for SPQ they are forcing KWG down so that they can buy more KWG. The next offer is likely to be for KWG so that SPQ will go down in value. They do this a few times and they will have alll the shares they need to take control.
I think that SPQ and KWG should speed up their amalgamation so that an appropriate value can be gotten for both.
:)