similarities with cleveland and portman, page-5

Cleveland holds around 80% of Portman and in trying to pry the final shares out of stubborn hands had warned of the danger of the reduced liquidity in the stock. Look at where Portman are trading today relative to the initial offer many accepted. Cleveland itself is now also a takeover target. Sound familiar? ... I am still holding probably more to see the story out than anything. Did the same with Redport and WMC and was beaten. 3rd time lucky?


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Monday, 28 February 2005. 08:28 (AWST)
Portman considers revised takeover offer

American iron ore producer Cleveland Cliffs has increased the value of its takeover offer for independent miner Portman.

Cleveland Cliffs launched a takeover bid for Portman last month, and has secured a 50 per cent stake in the company.

Portman operates the Koolyanobbing iron ore mine in Western Australia's Goldfields and has an operation on Coc/katoo Island in the Kimberley.

Despite Portman not resisting the takeover, many of its shareholders have refused the offer, so Cleveland Cliffs is now offering $3.85 a share.

The acceptance date has also been extended to March 18.

Portmans' board has met to discuss the new offer and decided to recommend shareholders accept it.

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Takeover rumors boost Cleveland-Cliffs stock

Last update: May 25, 2007 – 8:06 PM

Shares of Cleveland-Cliffs Inc., North America's largest producer of iron ore pellets, rose the most in 22 months on speculation that the company may be acquired by Brazil's Cia. Vale do Rio Doce, the world's biggest iron-ore producer.