csfb substantial stake to counter takeover, page-4

When Cliffs' share price (and the other iron ore miners) has gone up much higher than PMM's price this year you have to suspect Cliffs are getting a bloody good deal at 340. The bid is low and opportunistic and they're not having mine for less than 375.

From SMH exchange:

Portman blushes

Portman shares continue to trade well above a recommended $3.40 bid from US raider Cleveland-Cliffs - closing 1c higher at $3.53 yesterday - which must make the Perth iron ore group's board feel a little embarrassed.

Adding to the red faces is the Cleveland share price, which has bucked the usual trend of sinking after the announcement of a bid.

Cleveland stock is up a mighty 33 per cent since mid-January, which suggests the company's shareholders reckon they've got a good deal.

Portman has not been approached by a rival bidder but there are expectations very promising negotiations on iron-ore pricing will create further interest in the miner.