"Say they get to 92% of the float and have to take out 8% more, and finally quietly offer 30 cents to "make the problem go away."

About 600m shares * 8% = 48 million x 11 cents premium = a touch over $5m.

Petty cash, considering the price paid for the rest of the shares.

There is no doubt that Cliffs will win, in the end."

Sure thing that Cliffs will win at the end. And my bet is that there will be 2 additional winners:

1- Non-tendering Spider shareholders who tag-along with KWG's dissenting action, who may well leave with 30 cents per owned share.

2- All KWG shareholders who will get a judicial and public recognition of the fair value of their shares.

A win-win-win situation! But as in all achievements there is a price to be paid: a few millions more for Cliffs, a few more months of wait for Spider shareholders, and a leadership role in a potential judiciary process for KWG.

I would expect KWG to issue a NR stating that they are not tendering either following the extension, and are still willing to get fair valuation for their Spider shares. It would reassure non-tendering holders, and make it harder for Cliffs to reach the 90% target for a Compulsory Acquisition process (sec 206 ss CBC Act), which is more 'direct', and does'nt require a shareholders meeting to be called, I believe.

If 90% is not achieved, Cliffs will have to enter into Second Stage transactions ('squeeze-out' or 'going-private' transactions) which are more complex because they require a Special Resolution to be presented at a shareholders meeting and they also have to comply with certain dispositions of provincial securities legislation.

This is my guess that KWG would prefer to have a Second Stage transaction triggered, where more displeased shareholders are ousted, an a special resolution is presented to be evidently voted by the majority shareholder. Dissension would have an higher impact in this case, I think.

GLTA.

BaBe.