Mont. mining company fights Schweitzer takeover
The directors of a Montana mining company are urging shareholders to reject a takeover bid by a group that includes former Gov. Brian Schweitzer.
Stillwater Mining Co. Chairman and Chief Executive Officer Frank McAllister said Wednesday the company is well-positioned to expand its platinum and palladium production if the current leadership remains.
He says the takeover bid stems from a "misguided" agenda that could hurt the company's future growth.
Schweitzer and the Clinton Group, a New York hedge fund, have criticized Stillwater's expansions into Argentina and Canada. They blame McAllister for a long-term share price decline, and want to oust him and install a new slate of directors, including Schweitzer.
The opposing factions are trying to sway shareholders to support them ahead of Stillwater's May 2 annual meeting.