The war of words between Cliffs Natural Resources Inc and Casablanca Capital escalated on Friday, after the activist investor rejected an offer to end a proxy battle to win control of the iron ore miner's board.Casablanca, Cliffs' fifth-largest shareholder with a 5.2 percent stake, wants Chief Executive Gary Halverson gone, and the company to spin off its "riskier" international operations from cash-generating U.S. assets.The hedge fund, which started its campaign in January, nominated six directors for election to Cliffs' 11-member board on Thursday.Cliffs had offered to let Casablanca appoint two independent directors and a third director was to have been appointed on mutual agreement, the company said in a statement issued early Friday morning.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 2.36% or $-0.45/share to $18.65. In the past year, the shares have traded as low as $15.41 and as high as $28.98. On average, 8713000 shares of CLF exchange hands on a given day and today's volume is recorded at 10679226.
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