Replies to post #8360 on The Rising Influence of Rising Affluence

[DewDiligence]

CLF permits cumulative voting by any shareholder upon written request; a proposal to eliminate cumulative voting was defeated at the 2013 annual meeting—see http://www.sec.gov/Archives/edgar/data/764065/000129993313000889/htm_47692.htm .

CLF’s CC at 10am tomorrow should be a doozy. The 1Q14 earnings report will be released today at around 6pm ET.

[DewDiligence]

CLF’s preferred stock (i.e. poison pill) provision may not have teeth insofar as the entire BoD is elected simultaneously. If Casablanca wins the proxy fight, the new BoD can remove the poison pill.

[DewDiligence]

Factoid: Activist shareholders won 68% of proxy fights during 2013 (up from 43% in 2012).

Source: WSJ (http://online.wsj.com/news/articles/SB10001424052702304049904579517743601484598 )