Clorox Rejects $10.7B Icahn Offer Amid Investor Suit

Law360, New York (July 26, 2011, 1:57 PM EDT) -- The Clorox Co. board of directors on Tuesday unanimously rejected investor Carl Icahn’s $10.7 billion buyout offer, one day after the company and its 11-member board were sued by investors in Delaware for resisting the deal.

The board said that Icahn’s offer undervalued the company and was not in the best interests of stockholders, but reaffirmed its willingness to entertain offers that would “create significant stockholder value.”

"Our board has carefully considered Mr. Icahn's revised proposal and concluded that it is inadequate and unlikely to be...
To view the full article, register now.