Cliffs warrants have a strike price of $1.5 and they can exercise them anytime they want. A buy out would have to be made public and then provided it was for more than $1.5 Cliffs would exercise thier warrrants. Not sure what you are getting at and RR is clearly off base on this issue.

I believe that Cliffs is selling to get below the insider regulations requirement to report sales. What is their ultimate objective, not really sure, but it looks like they want to free up some cash and get under 10%.

Cliffs then has lots of options but I doubt that selling the company for less than $1.5 per share is one of the ones that they have planned. Likely Cliffs wants to keep ZEN shares but keep a low profile, eg not be considered an insider anymore.