{"id":4097,"date":"2006-03-08T00:00:00","date_gmt":"2006-03-08T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"algoma-resolves-hedge-fund-fight","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2006\/algoma-resolves-hedge-fund-fight.html","title":{"rendered":"Algoma resolves hedge fund fight"},"content":{"rendered":"<p>  Globe and Mail &#8211; <strong>Algoma Steel Inc.<\/strong> ended a nasty battle with a New York hedge fund Tuesday by agreeing to pay a $200-million special dividend, appoint new directors and continue to  pursue a potential sale or merger.<\/p>\n<p>  The truce with <strong>Paulson &amp; Co. Inc.<\/strong>, announced late Tuesday, means Algoma&#8217;s largest shareholder has withdrawn its request for a special meeting of shareholders, where it sought  to throw out most of the steel maker&#8217;s board.<\/p>\n<p>  The deal came together during the past two days, sources said, when Algoma executives were in New York meeting with investors and paid a visit to Paulson&#8217;s head office.<\/p>\n<div class=\"bigbox ad\">  aPs=&#8221;boxR&#8221;;var boxRAC = fnTdo(&#8216;a&#8217;+&#8217;ai&#8217;,300,250,ai,&#8217;j&#8217;,nc);<\/div>\n<p>  The steel company, Canada&#8217;s third-largest integrated producer, said it reached \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201ca greater level of certainty\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d about its future cash position amid declining natural gas prices, the growing prospect  for moderate increases in iron ore prices this year \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009d instead of jumps in the 75-per-cent range \u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009d and the current and short-term outlook for steel prices.<\/p>\n<p><a href=\"http:\/\/www.google.com\/news\/url?sa=T&amp;ct=us\/0-0&amp;fd=R&amp;url=http:\/\/www.theglobeandmail.com\/servlet\/story\/RTGAM.20060307.walgomaa0307\/BNStory\/Business\/home&amp;cid=1104869425\">ReadComplete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Globe and Mail &#8211; Algoma Steel Inc. ended a nasty battle with a New York hedge fund Tuesday by agreeing to pay a $200-million special dividend, appoint new directors and continue to pursue a potential sale or merger. The truce [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4097","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4097"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4097\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}