Cleveland-Cliffs urges vote against control share bid

SAN FRANCISCO (MarketWatch) — Cleveland-Cliffs Inc. on Friday urged shareholders to vote against a proposed control share acquisition by one of its shareholders. The mining company will hold a special shareholder meeting on Oct. 3. Cleveland-Cliffs said funds managed by Harbinger Capital Partners are seeking more than one-fifth but less than one-third of Cleveland-Cliffs’ outstanding voting shares. Cleveland-Cliffs said its board unanimously determined the control share acquisition is not in the best interests of shareholders.
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Original post by Forextvblog

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