Cliffs Natural Resources Inc. Announces Consolidated Thompson Iron Mines Limiteds Shareholders Overwhelmingly Approve Plan of Arrangement
Cliffs Natural Resources Inc. today announced Consolidated Thompson Iron Mines Limited’s shareholders overwhelmingly approved the plan of arrangement for Cliffs to acquire all of Consolidated Thompson’s outstanding shares. At Consolidated Thompson’s special shareholder meeting held today, approximately 76% of Consolidated Thompson’s shareholders were represented in person or by proxy, and approximately 97% of these shares were voted in favor of approving the plan of arrangement. Under the plan of arrangement, Consolidated Thompson’s shareholders will receive $17.25 Canadian dollars in cash for each common share outstanding.
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As previously announced, Cliffs has committed financing and available liquidity sufficient to fund the purchase price. Cliffs expects to arrange for permanent financing by accessing the capital markets. The acquisition is expected to close in early second quarter 2011. Closing is subject to the satisfaction or waiver of certain customary closing conditions, including obtaining the following regulatory approvals: Competition Act (Canada), Investment Canada Act, Canada Transportation Act, and China – Ministry of Commerce.
