Cliffs, Casablanca square off in proxy war

Mar 07, 2014 | 04:43 PM | Jo Isenberg-O’Loughlin

Tags  proxy war, Cliffs Natural Resources, Casablanca Capital, Donald G. Drapkin, Lourenco Goncalves, Metals USA Holdings, California Steel Industries, Joseph Rutkowski Nucor

NEW YORK — Hedge fund Casablanca Capital LP has rejected Cliffs Natural Resources Inc.’s latest settlement offer, which was an attempt to stem a mounting proxy fight for control and the possible breakup and sale of the largest iron ore producer in the United States.

Cleveland-based Cliffs offered to allow Casablanca to appoint two new independent directors to Cliffs’ board and a third mutually agreed-upon director to be named at a later date, the company said in a statement March 7.

Casablanca rejected the offer, according to Cliffs, and the New York-based hedge fund said it plans to continue to seek full control of Cliffs’ board and to replace the company’s chief executive officer through a proxy contest. ....

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