By a News Reporter-Staff News Editor at Ecology, Environment & Conservation -- Casablanca Capital LP, ("Casablanca") announced that Institutional Shareholder Services ("ISS") and Glass Lewis & Co ("Glass Lewis"), the nation's two leading independent proxy voting and corporate governance advisory firms, have both recommended that Cliffs shareholders vote on the GOLD proxy card in connection with the Company's 2014 Annual Meeting of Shareholders on July 29, 2014. Casablanca is the beneficial owner of approximately 5.2% of Cliffs shares.
In making its recommendation, ISS noted: "The dissident has made a compelling case that a change to the composition of the board is necessary at this time... The board would benefit from a greater shareholder perspective to work through the difficult strategic decisions it must make... Ultimately, Cliffs will need a sober, expansive evaluation of its strategic alternatives, and the dissident has demonstrated the board would benefit from a greater shareholder perspective as it does so...As the dissident has made a compelling case that change is needed at the board level, votes FOR dissident nominees...on the GOLD card are warranted." In making its recommendation, Glass Lewis noted: "The Company's stock price performance has been worse than its peers ever since the Company acquired the Bloom Lake project approximately three years ago... It's probably safe to say at this point that the Company overpaid for many of its recent acquisitions at the expense of shareholders.... In our view, shareholder support for most of the Dissident Nominees would send a strong message to the board that the Company's long-tenured directors need to be held accountable for the Company's performance... Accordingly, we recommend that shareholders vote on the Dissident's GOLD proxy card." Donald Drapkin, Chairman of Casablanca, said, "We are extremely pleased that both ISS and Glass Lewis have issued strong recommendations in support of our campaign for change at the Board and have joined us in urging Cliffs shareholders to vote the GOLD proxy card in support of independent, highly-experienced and well-respected director nominees."
Casablanca considers the vote of all Cliffs shareholders to be important, and encourages all Cliffs shareholders to sign, date, and return the GOLD proxy card. If stockholders have previously signed a white card, they may revoke that vote by immediately signing, dating, and mailing Casablanca's GOLD proxy card. Shareholders with questions about how to vote the GOLD card, or who need additional information, should contact Casablanca's proxy solicitor, Okapi Partners, at (212) 297-0720 or (877) 274-8654 (toll-free), or visit www.fixcliffs.com for further information.
Keywords for this news article include: Casablanca Capital LP, Natural Resources.
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