Cliffs Investors Pick All 6 Casablanca Nominees For Board
Law360, New York (July 29, 2014, 3:17 PM EDT) -- The hot-blooded boardroom battle between Cliffs Natural Resources Inc. and major investor Casablanca Capital LP appears to be over, as preliminary voting results show that all six of Casablanca's nominees were elected to the Cliffs board of directors on Tuesday.
Casablanca and other investors had recently grown frustrated with the mining company's performance — over the past three years, Cliffs' stock has plummeted by more than 85 percent, and last year Cliffs was named one of the worst performers in the Standard & Poor's 500 Index.
But on Tuesday, Casablanca — which owns about 5.2 percent of Cliffs Natural Resources shares...
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