"IMHO NN or Smeenk did not know that the offer was coming, otherwise NN wouldn't have proposed the RS which in itself drove the SP down.."

Given the speed with which this merger document was introduced, the detail of content within it and the long standing relationship of the two companies, I would suggest that this document pre-existed as a contingency for both companies. It has been stated that there has been, for some time, concern over take-over potential.... and by whom would not have been in question.

To get the sp up where you suggest, in the 1 to 2 range, there would definitely need to be competition. Without it there would be no incentive for many holders of shares to wait for higher numbers. One has to suspect that CLF knows the numbers and has prepared to go into action based on the belief that they are in the power seat. The very low price that is being offered currently is far lower than CLFs FWR offer and for companies that far exceed the estimated value of FWR. Therefore, what does that imply about there perception of their position regarding the take out of SPQ and KWG? There are many variables that remain unknown as yet. We'll see what the future looks like when it becomes the present. I personally will hold until the last minute and give it the full opportunity to blossom...... and I hope you are correct in your estimation regardless of my sense of other possibilities.