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Regulators notified of Mont. miner takeover bid

By Associated Press
Published On: Mar 11 2013 12:31:43 PM MDT
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BILLINGS, Mont. -

Investors including Montana's former governor have filed formal notice with federal regulators of their intent to take over a precious metals mining company they say has been mismanaged.
   
Former Gov. Brian Schweitzer and the Clinton Group hedge fund are seeking to oust the chief executive officer and board of directors from Billings-based Stillwater Mining Co.
   
Paperwork accepted Monday by the Securities and Exchange Commission provides details of a replacement board that would include Schweitzer and former Stillwater CEO Charles Engles.
   
Also among the nominees are John DeMichiei of Montana's Signal Peak coal company and Clinton Group managing director Greg Taxin.
   
The takeover bid comes as Stillwater has sought to diversify beyond its Montana platinum and palladium mines. It's invested hundreds of millions of dollars into projects in Canada and Argentina.