What if Cliffs did not get the 50,1 % shares tendered they put as a condition to their bid? If they have 45%, they could wave, but if they only got, say, 38%? What they'll do then? Interesting question...

Using their proxies and direct votes AGAINST the merger would be regarded as an act of bad faith and may be challengeable to say the least. (Mineraldfields may also have put a condition that Cliffs has the 50,1 % for their lock-up agreement to be working. Joe Dwek Mngt is there to make money for their funds holder, not to please Cliffs).

So would they pull out their bid and let SPQ-KWG go ahead with the merger? Do you believe they'll do that? They would have no choice than trying to close a friendly deal with both Management. Just talking, but...

GLTA.

BaBe.