Saturday 16 July 2011

Icahn Enterprises makes $10.2B bid for Clorox

Activist investor Carl Icahn is offering to take Clorox private in a deal that values the consumer products maker at about $10.2 billion.
The billionaire investor says in a regulatory filing that his firm has proposed paying $76.50 a share for Clorox, which makes cleaning products as well as Hidden Valley salad dressing and the Burt's Bees personal care product line.
The offer is an 11.8 percent premium over Thursday's closing price for Clorox of $68.43 a share.
Icahn says he outlined the proposal in a letter sent Thursday to Clorox Chairman and CEO Donald Knauss.
Icahn is the largest shareholder in Oakland, Calif.-based Clorox. He values the deal at $12.6 billion.
Icahn Enterprises bought a 9.4 percent stake in Clorox in December. Icahn is offering a premium of 21 percent based on the price of Clorox shares before it invested in the company.

Source: www.businessweek.com

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