Cliffs Shareholders Reject Harbinger’s Control Share Acquisition Proposal
10/06/2008 - Cleveland-Cliffs says that it appears that approximately 80% of shares voted by holders other than Harbinger Capital Partners, its equity-swap counter parties or other ‘interested’ shareholders voted AGAINST the proposed control share acquisition during the recent special meeting of shareholders.
Based on a preliminary count provided by its proxy solicitor, Cleveland-Cliffs Inc. announced that it appears that approximately 80% of shares voted by holders other than Harbinger Capital Partners, its equity-swap counter parties or other "interested" shareholders voted AGAINST the proposed control share acquisition at last week's special meeting.
“On behalf of Cliffs’ Board and management team, we thank our shareholders for their support,” said Joseph A. Carrabba, Cliffs’ Chairman, President and CEO. “We are pleased Cliffs’ shareholders voted to retain their right to provide meaningful input on the future strategic decisions of the company. Moreover, we are pleased that all shareholders will have the opportunity to evaluate the merits of the proposed acquisition of Alpha Natural Resources.”
The independent Inspector of Elections, IVS Associates, Inc. will tabulate all proxies and ballots submitted at the special meeting. The presiding inspector, Hugh E. McKay, will work with and oversee the Inspector of Elections.
The Inspector of Elections is expected to issue its final certification of the vote in approximately two weeks.
The Inspector of Elections is expected to issue its final certification of the vote in approximately two weeks.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs is an international mining company, the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry. The Company operates six iron ore mines in Michigan, Minnesota and Eastern Canada, and three coking coal mines in West Virginia and Alabama. Cliffs also owns 85% of Portman Limited, a large iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore. In addition, the Company has a 30% interest in the Amapá Project, a Brazilian iron ore project, and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project.
