Risk = Cliff's not in the habit of upping their offers while they think they have the best one on the table.

Risk = board has to oficially give the opinion that Cliffs is the better offer.

Risk = to get the 16.5, board has to reject amalgamation

Risk = No counter from KWG to at least the match point and the board has to decide by D-date...

Those IMO are valid risk assessments..part of my decision process..may not be everybodies..

I am firmly of the opinion amalgamation is the route to go. Just want to see something to help it along.