As someone says, shares may be mopped up to block the Xstrata...

As someone says, shares may be mopped up to block the Xstrata bid who doesn't have the numbers. Also look at how agressive the Chinese are in fending off BHP in her Potash bid.

http://www.sphereminerals.com.au/Download-document/229-Australian-Financial-Review.html

Look at this article last year which still sits on Sphere web site.

"Sphere is the cheapest iron ore stock we own," said Douglas Loh, portfolio manager of Acorn Capital, which is Sphere's biggest shareholder with a 14 per cent stake. "I would not be a seller even if you offered me a I00 per cent premium."