"I know this might sound very simple, but do we now have to wait for the SPQ BoD to determine if Cliffs 'new' offer of $0.19 is a superior offer?"

I was surprised to read that Spider's BoD had already determined, and readily confirmed to Cliffs that the upgraded KWG proposal was in effect a "Superior Proposal". Are there armed GIs involved in the process, with guns pointed to Neil's head? A couple of hours only... Neil could have said "You'll get the answer when you'll get it, sirs". Maybe they didn't want to have a 'loophole' before July 8, holding the Special Meeting wtill awaiting KWG's answer...

From the June 25th Cliffs NR:

"The Board of Directors of Spider has determined that the Revised Offer is a superior proposal as compared to the amended terms of the proposed merger (the "Merger") with KWG Resources Inc. ("KWG") (TSXV: KWG) announced by Spider earlier today. Cliffs also announced that it has executed a lock-up agreement with Spider's largest shareholder supporting its Revised Offer."

GLTA.

BaBe.