Icahn’s Bid for Clorox | Crossing Wall Street
What’s interesting is that Icahn isn’t even interested in buying the company. He already owns 9.4% and he’s more interested in getting a bidding war started between other consumer products companies. Icahn even suggested potential buyers. (Here’s his letter.)
On Friday, shares of $CLX closed at $74.55, which is short of Icahn’s offer. This means that investors are doubtful that a bidding war will start. In any event, Clorox’s board shot back saying that it had no interest in Icahn’s bid (“Our board has unanimously determined Mr. Icahn’s unsolicited proposal is neither credible nor adequate.”)
