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Stock Market & Financial Investment News

News Breaks
June 12, 2014
08:05 EDTCLFCasablanca Capital sends letter to Cliffs Nautral Resources shareholders
Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources, has filed its definitive proxy statement with the Securities and Exchange Commission in connection with Cliffs’ 2014 Annual Meeting of Shareholders, scheduled for July 29, and urged shareholders to vote for Casablanca’s six highly-qualified director nominees. In conjunction with the filing, Casablanca issued a letter to stockholders detailing its belief that Cliffs’ Board of Directors and executive leadership should be held accountable for the dramatic erosion of value shareholders have suffered over the past three years and reiterating its call for a fundamental refocusing of Cliffs’ strategy. “Cliffs is at a critical juncture,” said Donald Drapkin, Chairman of Casablanca. “The current Board has presided over an extended period of gross underperformance and poor decision making that has led to significant shareholder value destruction. We have no confidence that the Board will take the steps needed to maximize shareholder value, and firmly believe a reconstituted Board and a management team led by Lourenco Goncalves is vital to the Company’s future success. We urge shareholders to elect six new, highly-qualified director nominees who can evaluate the opportunities and challenges that face Cliffs with an open mind and a fresh perspective and implement a new strategic direction for the Company. Casablanca’s nominees are fully committed to transparency, accountability and enhancing shareholder value.”
News For CLF From The Last 14 Days
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September 10, 2014
08:08 EDTCLFCliffs Natural amends credit facilty to allow for $200M share repurchase program
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September 7, 2014
12:59 EDTCLFIron ore giants keep up production amid falling prices, WSJ says
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