Clinton Group Blasts Stillwater Buys To Investors

Law360, New York (April 9, 2013, 4:42 PM EDT) -- Hedge fund Clinton Group Inc. renewed its corporate call to arms to replace Stillwater Mining Co.’s board of directors in a scathing letter Tuesday to fellow shareholders of the platinum-group metal producer, excoriating what it called Stillwater’s failed acquisition strategy and its CEO’s outsized pay.

The letter characterized Stillwater’s $118 million purchase of Canadian copper, platinum and palladium producer Marathon PGM Corp. in 2010 as well as its roughly $487 million purchase of Peregrine Metals Ltd. the following year as ill-advised and largely unsuccessful efforts at...
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