Monday, mining and natural resources company Cliffs Natural Resources Inc. (CLF) reported that it will proceed with its previously disclosed plan of arrangement to acquire Montreal-based Freewest Resources Canada Inc. (FWR) for C$1.00 per share in Cliffs shares per Freewest share.
According to Cleveland, Ohio-based Cliffs, shareholders of Freewest holding an aggregate of 24.7 million shares, or approximately 10.3% of the Freewest common shares outstanding, have entered into voting agreements with Cliffs in favor of the plan of arrangement.
Market rival Noront, which had earlier attempted to take over Freewest, announced that 11.8 million shares of Freewest, representing approximately 4.5% of the company on a fully diluted basis, were tendered under its competing bid.
The company will hold a special meeting of shareholders of Freewest will be held on January 15, 2010, at which time they will be asked to vote on the plan of arrangement. If approved by Freewest shareholders, and subject to a number of customary conditions, the transaction is expected to close shortly after this meeting.
Freewest's board and management is indicated to have supported the enhanced plan of arrangement.
CLF is currently trading at $45.30, up $2.20 or 5.10%, on the New York Stock Exchange.
FWR is currently gaining C$0.010 or 1.04%, trading at C$0.970, on the TSX Venture Exchange.
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