Icahn Gets Tough In Commercial Metals Takeover Bid

Law360, New York (December 06, 2011, 12:42 PM ET) -- Billionaire investor Carl Icahn is going hostile with his $1.73 billion bid for Commercial Metals Co., urging shareholders of the scrap metal recycler and metal products producer to accept his $15-per-share offer, according to a statement his company issued Tuesday.

Icahn ratcheted up the pressure on the Irving, Texas-based company on the same day Commercial Metals announced a Feb. 3 annual shareholders meeting and asked its rank-and-file investors to support the company's current board of directors.

"Our tender offer will be directed to shareholders and will...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers