Clorox Rejects Icahn's $10B Takeover Bid

Law360, New York (July 19, 2011, 3:23 PM EDT) -- The Clorox Co. on Monday rejected activist investor Carl C. Icahn's unsolicited $10.2 billion bid for the consumer products company, calling it “neither credible nor adequate,” and adopted a shareholder rights plan aimed at fending off any future unsolicited bid.

Clorox said the investor's Friday bid substantially undervalued the company.

"Our board has unanimously determined Mr. Icahn's unsolicited proposal is neither credible nor adequate," Clorox Lead Director Gary Michael said.

The company also adopted a shareholder rights plan that will give each holder of Clorox stock...
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