Activist Spurns Cliff's Compromise In Favor Of Proxy Fight

Law360, New York (March 7, 2014, 1:50 PM EST) -- Mining giant Cliffs Natural Resources Inc. said Friday that New York-based activist investor Casablanca Capital LP has rejected its offer to settle a proxy fight and is still barreling ahead with attempts to gain full control of the company's board and replace its CEO.

Cleveland-based Cliffs, a major global iron ore producer, said in a statement it had offered to let Casablanca appoint two new independent directors to its board, as well as a third mutually agreed-upon director to be named at a later date. Casablanca...
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