Consolidated Thompson Iron Mines Limited CLM:CA announced that it has entered into a definitive agreement whereby Cliffs Natural Resources Inc CLF will acquire all outstanding shares of Consolidated Thompson at $17.25 per share—a premium of 30%—valuing the company at approximately $4.9 billion. Consolidated Thompson has determined that the arrangement is in the company’s best interests and will recommend that shareholders vote in favour of it.
Executive Chairman/President/CEO Brian Tobin commented, “The success we have had is a testament to our partners, employees and management team and their endeavors to deliver superior shareholder value. We are delighted that a company of the financial and technical strength of Cliffs, with considerable nearby infrastructure and experience in the Labrador Trough, is going to take our world-class mine and projects to the next stage. The Board of Directors believes this is a very attractive transaction for our shareholders.”
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Brian V. Tobin
Executive Chairman, President/CEO
or Francois Laurin
by Ted Niles