Icahn Offer Values Commercial Metals At $1.7B

Law360, New York (November 28, 2011, 2:54 PM EST) -- Carl C. Icahn has proposed buying Commercial Metals Co. for $15 per share in a deal that values the scrap metal recycler and metal products producer at about $1.73 billion, stating Monday that he has no confidence in those running the company.

The purchase price that Icahn's investment vehicle, Icahn Enterprises LP, is offering represents a 31 percent premium over the Friday closing price of CMC's stock, according to an open letter Monday from the activist investor to CMC's board. Icahn is already the company's largest...
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