Cliffs are playing a waiting game by extending the offer period. Now the silent buyer can take longer to accumulate the 10% stake while the small holders panic and sell to make a few cents profit.
The big buyer won't be selling to Cliffs for 340 after paying 355+. I'm not selling either. I believe PMM would be approaching 340 by now even without the Cliffs bid.
PMM
portman limited
csfb substantial stake to counter takeover, page-2
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