Kimberly Clark Office Pune

Icahn Increases Clorox Offer to $10.7 Billion | CRWE Newswire India

Carl Icahn raised his offer for Clorox Co. to $80 a share, valuing the maker of the namesake bleach at roughly $10.7 billion, after his previous bid was rejected.

Icahn said today in a filing, that Icahn Enterprises LP and affiliates will put $5.2 billion, including their Clorox shares, in escrow to exibit the credibility of the offer. Clorox this week discarded his earlier bid, saying it undervalued the company and the financing wasn’t certain.

Icahn, the company’s largest investor with a 9.4 percent stake, offered to buy Clorox last week for about $10.2 billion, or $76.50 a share, and recommended the company to seek offers from strategic buyers including Procter & Gamble Co. and Kimberly-Clark Corp.  He said in an interview at the time that he expected a great deal of interes from other potential buyers.

Jack Russo, an analyst at Edward Jones & Co. in St. Louis, said today in a telephone interview, “Icahn did this today because people questioned how committed he was.” “Icahn’s got a history of being a bulldog and staying in there.”

Russo recommends holding Clorox shares.

Clorox adopted a shareholder rights plan that would allow current investors to purchase additional shares if an entity acquired more than 10 percent of the company in a transaction not approved by the board.

“By turning down our offer and the possibility of higher ones, you are asking shareholders to take meaningful risk without giving them the opportunity to decide which option they would prefer,” Icahn said in a letter to Clorox included in today’s filing.

*******************************************

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article

Disclaimer: Information contained on this page is provided by companies featured through CRWE Newswire India and this Station cannot confirm the accuracy of this information and make no warranties or representations in connection therewith.

Directory of American Firms Operating in Foreign Countries

Business India

Corporate giving directory

Shared values, a history of Kimberly-Clark

IEEE membership directory