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Another proxy advisory firm backs Cleveland-Cliffs, rejects Harbinger's attempt to buy more shares
By Lisa Kerner
Charlotte, N.C., Sept. 22 - Cleveland-Cliffs Inc. said Glass, Lewis & Co. recommends that the company's shareholders vote against Harbinger Capital Partners' proposed control share acquisition at the special meeting on Oct. 3.
Two other independent proxy advisory firms - RiskMetrics Group/ISS and Proxy Governance, Inc. - also recommended shareholders vote against the measure, according to a Cleveland-Cliffs news release.
As previously reported, Harbinger wants to acquire enough Cleveland-Cliffs shares to bring its total voting power to at least one-fifth but less than one-third of the company's voting power.
Harbinger, in a Sept. 19 letter to shareholders, reiterated its belief that the company's proposed merger with Alpha Natural Resources Inc. is "too much, too fast" and denied it was attempting to seek control of the company.
Harbinger - Cleveland-Cliffs' largest shareholder - admitted that with an increased stake, it could block transactions it believes do not maximize shareholder value.
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP directly and indirectly own a combined 15.57% of the company's total issued and outstanding shares, it was noted previously.
Cleveland-Cliffs, a mining company, produces iron ore pellets in North America and supplies metallurgical coal to the steelmaking industry. The company is based in Cleveland.
Alpha Natural Resources, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.
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