Two more proxy advisory firms support merger of Alpha Natural Resources, Cliffs Natural Resources

By Lisa Kerner

Charlotte, N.C., Nov. 12 - RiskMetrics Group/ISS and Glass, Lewis & Co. both recommended that Alpha Natural Resources, Inc. stockholders vote in favor of the company's merger with Cliffs Natural Resources Inc. at a special meeting on Nov. 21.

Two additional independent proxy advisory firms, Proxy Governance, Inc. and Egan-Jones Proxy Services, made the same recommendation, according to an Alpha Natural news release.

Under the companies' merger agreement, Alpha Natural shareholders will receive 0.95 shares of Cliffs Natural Resources common stock and $22.23 in cash per Alpha Natural share.

Cliffs Natural Resources shareholders will vote on the company's proposed $10 billion cash-and-stock buyout of Alpha Natural at a special meeting on Dec. 19.

The Delaware Chancery Court approved a stipulation that lets Cliffs Natural Resources hold its special meeting on Dec. 19 rather than on Nov. 21 as previously announced.

Cliffs Natural Resources said it agreed not to postpone or adjourn the special meeting without the permission of Alpha Natural or the court.

Alpha Natural Resources, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.

Cliffs Natural Resources, a mining company, produces iron ore pellets in North America and supplies metallurgical coal to the steelmaking industry. The company is based in Cleveland.

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