Cliffs Natural proposes Casablanca get three seats on reconstituted board


Cliffs Natural Resources (CLF +5.1%) proposes a settlement with Casablanca Capital, where the hedge fund would receive three seats on a reconstituted CLF board consisting of nine directors.

CLF says a new board chairman will be elected regardless of whether Casablanca accepts the settlement offer.

If Casablanca does not accept, CLF says its board would remain at 11 members, and the company believes at least two of Casablanca's nominees would be elected.

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Comments (6)
  • WPSPIKER
    , contributor
    Comments (1149) | Send Message
     
    WHEEEE time for a better ride than last month or so, time for the TICK TICK TICK as it climes hill.

     

    mark
    2 Jul 2014, 11:22 AM Reply Like
  • Fanebrb
    , contributor
    Comments (663) | Send Message
     
    Casa should have 7 Board members NOT 3. I sold all my CLF as the present Board has failed the stock holders, turning CLF into a high risk investment! They destroyed a 100 yr. old company.
    2 Jul 2014, 11:55 AM Reply Like
  • tves
    , contributor
    Comments (7) | Send Message
     
    I just voted online for all Casa nominees. Current management had demonstrated a lack of leadership for foresight for years, collecting hefty salaries for maintaining the status quo...which wouldn't be bad if the ship were not sinking.
    2 Jul 2014, 09:01 PM Reply Like
  • Fanebrb
    , contributor
    Comments (663) | Send Message
     
    >>>> tves, hey... I voted same same as you a couple'a days ago. Then in the mail came the CLF voting papers, which should be tossed. Some folks don't know that & if they fill them out, they will govern over the Casa papers due to the date. Casa should have told people that.
    3 Jul 2014, 01:17 AM Reply Like
  • tves
    , contributor
    Comments (7) | Send Message
     
    Reading the CLF press release today was good for comic relief. To paraphrase: Ok...so we're about to be thrown out for incompetence and short-sightedness and running the company into the ground, but we will "allow" Casablanca to have 3 of 9 board seats (don't tell anyone they will probably take a majority of seats if the shareholders are allowed to vote). Had this CLF board been on the Titanic they would have concluded: we've hit an iceberg and are taking on water...time to rearrange the deck chairs.
    3 Jul 2014, 03:35 AM Reply Like
  • myztiX
    , contributor
    Comments (96) | Send Message
     
    Why didn't they buy up some of the shares? Who knows. All I can say is lol... Admit defeat Jim.
    3 Jul 2014, 09:22 PM Reply Like
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