This will be the first time blogging on Agoracom, so as a SH of both KWG & Spider for a number of years I would first like to say that I came in for the long haul.

I believe the value of both companies is not in what they have discovered but what they have yet to discover and as such, a merger is the only way to realize this future value.

I have viewed the many scenarios presented here and would like to offer some thoughts on an alternative, which I don't recall seeing to date.

It appears that both BOD's of these companies believe the merger to be the best way to realize value for their companies and to the SH's.

If KWG presents a superior proposal to Cliff's proposal, that will continue to drive up SPQ's SP and the higher the share price, the more shareholders will fall off possibly accepting Cliff's offer whatever their final offer might be.

Wouldn't be a better chess move, but somewhat of a gamble for both companies if KWG was not to make a further offer and thus SPQ shareholders would then be that much farther away from the value they feel their company is worth and thus would increase our chances of the merger succeeding????

IMHO