When Cliffs' share price (and the other iron ore miners) has...

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.