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Stock Market & Financial Investment News

News Breaks
May 29, 2014
17:27 EDTCLFCliffs Natural says ' stands ready to engage with Casablanca'
Cliffs Natural Resources issued the following statement in response to Casablanca Capital's press release earlier. The response said in part: "Cliffs' Board of Directors and management team are executing a plan to improve the company's financial and operating performance... Despite Casablanca's ownership of only approximately 5% of Cliffs' outstanding shares, we believe that they are continuing their effort to seek full control of the Board without providing a credible and clear path to increase long-term shareholder value or paying a control premium. With regard to Casablanca's "Proxy Put" accusation, in no way is Cliffs threatening its shareholders. On the contrary, it is Casablanca's actions that have put shareholders' interests at risk. The change of control provision within the senior note indenture that is in question has been publicly disclosed since Cliffs first issued public debt in March of 2010 and is standard for most companies with publicly issued debt..The Board will consider whether Casablanca's nominees should be approved for purposes of its senior notes indenture in due course should Casablanca continue to seek control of Cliffs' Board. Cliffs believes that its continued focus on reducing costs and capital spending in the current volatile pricing environment is in shareholders' best interests. Importantly, Casablanca is attempting to take credit for these actions that began last year, prior to Casablanca publicly disclosing its interest in Cliffs. In reality, many of Casablanca's proposals are either flawed, or have already been considered by Cliffs...Unfortunately, Casablanca seems intent on pursuing a costly and time consuming proxy contest, despite Cliffs' efforts to reach a settlement. To set the record straight, contrary to Casablanca's accusations, Cliffs has never reached an agreement in principle with Casablanca... Cliffs will continue to pursue a resolution, avoiding a costly and distracting proxy contest, to the benefit of all shareholders and stands ready to engage with Casablanca."
News For CLF From The Last 14 Days
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August 22, 2014
10:34 EDTCLFStocks with call strike movement; UAL CLF
United Continental (UAL) September 55 call option implied volatility decreased 6% to 39, Cliffs Natural (CLF) September 18 call option implied volatility increased 3% to 41 according to IVolatility.
August 15, 2014
08:36 EDTCLFCliffs pays $11M to Halverson in connection with employment termination
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August 13, 2014
12:22 EDTCLFIron ore prices at lowest level in months, Business Spectator says
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