Cliffs, Casablanca Capital spar over ‘proxy put’

May 30, 2014 | 01:15 PM | Nat Rudarakanchana

Tags  Cliffs Natural Resources, Casablanca Capital, iron ore, proxy fight, Lourenco Goncalves, Nat Rudarakanchana

NEW YORK — Casablanca Capital LP has threatened to sue Cliffs Natural Resources Inc. over a so-called "proxy put" clause in the iron ore miner’s recent financial statement that the activist investor claims is pressuring shareholders to keep the company’s existing directors in place.

Under the "proxy put," debt issued as senior notes may have to be bought back by Cliffs if a majority of its directors are replaced, as Casablanca is demanding, the New York-based hedge fund said in a letter to Cliffs’ shareholders May 29.....

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