Cliffs Offers Casablanca 3 Seats On Smaller Board

Law360, New York (July 2, 2014, 5:54 PM EDT) -- Cliffs Natural Resources Inc. said Wednesday that in order to avoid a proxy fight with major investor Casablanca Capital LP, it's offering Casablanca three seats on a nine-member board as it faces criticism from disgruntled investors.

The mining company's stock value dropped more than 85 percent in the past three years and clocked in as one of the worst performers in Standard & Poor's 500 index last year — losses Casablanca says justify new blood in the boardroom and C-suite. Earlier this month, Casablanca, which owns 5.2 percent of Cliffs, touted six director picks for Cliffs.

Cliffs had previously said that...

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