PolyMet Mining announces ISS, Glass Lewis recommendations for Glencore deal

PolyMet Mining announced that both independent proxy advisors, Institutional Shareholder Services, or ISS, and Glass Lewis, have recommended PolyMet shareholders vote for the plan of arrangement with Glencore whereby, among other things, Glencore will acquire the approximately 17.8% of the issued and outstanding common shares of PolyMet that Glencore does not currently own. PolyMet shareholders will receive an all-cash consideration of $2.11 per share under the terms of the arrangement, which represents a premium of approximately 167% to the closing price of PolyMet shares on the NYSE American on June 30, being the last trading date prior to the announcement of Glencore’s non-binding Proposal to acquire the Minority Shares. The consideration also represents a premium of approximately 34% to the closing price of the company’s shares on the NYSE American on June 6, being the last trading day before the announcement of the Clean Water Act Section 404 permit revocation.