Teck's board rejected it as too low and one that would unnecessarily expose investors to a large thermal coal business and an unwanted oil trading unit.
Management on Wednesday said Glencore's was "an
opportunistic attempt to interfere" with the vote on the spinoff
and continued to recommend shareholders to support its
restructuring plan.
Nagle said in the open letter: "Glencore has never stated
that its proposal is 'best and final' and that it is not willing
to make changes and improvement."
"With engagement, we could improve our proposal's terms and
value, which would be in the best interests of all Teck
shareholders."
Glencore's plan would combine and spin off its thermal coal
unit and Teck's steelmaking coal business.
Teck estimated that after its proposed restructuring, shares
in the metals business could trade at C$100 ($74.67) or higher,
about 55% above the group's closing price on Tuesday.
Glencore's initial bid was made privately on March 26 and
represented a 20% premium to that day's closing price.
JP Morgan analysts this week said that Glencore could pay as
much as $27.2 billion.
Jefferies analyst Chris LaFemina on Wednesday said that,
with no other offer on the table, a deal with Glencore after a
bump of at least 10% in the proposed exchange ratio was
preferable to an internal restructuring by Teck.
Ben Cleary, portfolio manager at Tribeca Global Natural
Resources Fund, told Reuters: "The vote (on Teck's restructuring
plan) is highly likely to go through without an
official bump in terms (from Glencore)."
But Waratah Capital Advisors said in a statement on
Wednesday that it had voted against Teck's proposal.
The Vancouver-based miner operates under a dual-class structure and needs approval from two thirds of shareholders on both sides for the restructuring.
Canada's Keevil family owns the majority of 'A' class of shares, which have more voting power than the numerous 'B' class shares held by institutions. Teck has said it would explore a corporate transaction or partnership after its restructuring. Sources close to the matter say Teck has had approaches from more than six mining companies interested in its prized metals business. (Reporting by Clara Denina and Yadarisa Shabong Editing by David Goodman and Mark Potter)
