The company says its plan provides a responsible exit from steelmaking coal at fair value.Glencore’s offer of 7.78 of its shares for each Teck Class B subordinate voting share amounts to a 20 per cent premium on the date its offer was made.
Teck’s board of directors unanimously rejected the offer because it would expose shareholders to copper and thermal coal and oil trading, and said the pitch did not present a “coherent plan” for its proposed coal company.