Investing

Cliffs Natural Resources: Trouble in Mergertown (CLF, ANR)

Cliffs_logoThe proposed merger between Cliffs Natural Resources (NYSE:CLF) and Alpha Natural Resources (NYSE:ANR) has run over more than a few bumps. Cliffs’ largest shareholder, Harbinger Capital, tried to acquire enough shares to block the deal. The big stumbling block, though, has been the deteriorating share prices of both companies. When the merger was announced in July, it was worth $10 billion. A couple of weeks ago, the value had dropped to $4 billion.

Yesterday, Cliffs announced that it was moving its shareholder vote onthe merger from November 21st to December 19th. The company said thatit "rescheduled the meeting to allow shareholders adequate time toconsider new information on the financial benefits of the pendingtransaction." Alpha immediately filed suit, claiming that the Novemberdate was the agreed upon date for both companies to put the merger to ashareholder vote.

Filing lawsuits doesn’t seem like the best way to start a marriage.Still it’s nothing personal. It’s just business. As Don Corleone wouldsay.

Paul Ausick
November 4, 2008

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.