Casablanca scoffs at Cliffs’ latest offer

Jul 02, 2014 | 05:18 PM | Thorsten Schier

Tags  Cliffs Natural Resources, iron ore, Casablanca Capital, proxy fight, Thorsten Schier

NEW YORK — Cliffs Natural Resources Inc. has offered further concessions to Casablanca Capital LP in an effort to end a proxy contest that has been "costly and distracting," the company said July 2, but the activist hedge fund immediately dismissed the move.

Cliffs has offered three director positions on a reconstituted nine-member board to New York-based Casablanca, and also said three of its existing board members wouldn’t stand for re-election on the reduced board.....

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