Casablanca Capital Comments on Cliffs Natural Resources’ Acknowledgement That All Six Casablanca Director Nominees Have Been Elected to Board
Casablanca Capital LP, (“Casablanca”) the beneficial owner of approximately 5.2% of Cliffs Natural Resources (NYSE:CLF) (“Cliffs”) shares, today issued the following statement regarding Cliffs’ acknowledgement that shareholders have elected all six of Casablanca’s nominees to the Company’s 11-member Board of Directors:
“We are pleased that Cliffs has acknowledged in its 8-K filing today that all six of Casablanca’s nominees have been elected to the Cliffs Board. This result marks a huge step forward for all Cliffs shareholders, as well as for the many talented employees at Cliffs who care about making Cliffs better and stronger. There is a clear desire for positive change at Cliffs, and we are gratified by the mandate shareholders have given the new Board to reinvigorate the Company and refocus its strategy to improve performance and restore value. We expect the results to be certified imminently and the new Board to convene promptly to go to work on that agenda.”
About Casablanca Capital LP
Casablanca Capital is an Event Driven and Activist investment manager based in New York, founded in 2010 by Donald G. Drapkin and Douglas Taylor. Casablanca invests in high quality but underperforming public companies that have multiple levers to unlock shareholder value. The firm seeks to engage with the management, Boards, and shareholders of those companies in a constructive dialogue in order to enhance shareholder value through improved operational efficiencies, strategic divestitures, capital structure optimization and increased corporate focus. In 2011, Casablanca successfully initiated a campaign at Mentor Graphics Corporation to improve profitability and enhance value at the company, working with shareholders to elect three nominees to Mentor’s Board.
Cautionary Statement Regarding Opinions and Forward-Looking Statements
Certain information contained herein constitutes “forward-looking statements” with respect to Cliffs Natural Resources Inc. ("Cliffs"), which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” "could," “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks, uncertainties and assumptions, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. The opinions of Casablanca Capital LP ("Casablanca") are for general informational purposes only and do not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person, and should not be taken as advice on the merits of any investment decision. This material does not recommend the purchase or sale of any security. Casablanca reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Casablanca disclaims any obligation to update the information contained herein. Casablanca and/or one or more of the investment funds it manages may purchase additional Cliffs shares or sell all or a portion of their shares or trade in securities relating to such shares.
Contact
Media:
Sard Verbinnen & Co
George Sard/Matt Benson
212-687-8080
or
Investor:
Okapi Partners
Bruce H. Goldfarb/Patrick McHugh/Lydia Mulyk
212-297-0720
