Icahn Abandons $10.7B Bid For Clorox

Law360, New York (September 23, 2011, 10:02 PM EDT) -- New York activist investor Carl Icahn on Friday withdrew his $10.7 billion bid for Clorox Co., concluding a contentious two-month pursuit in which Clorox’s board of directors repeatedly resisted his investment firm’s takeover attempts.

In a U.S. Securities and Exchange Commission filing, Icahn said that a considerable base of shareholders no longer supported the acquisition plan in light of market uncertainties and Clorox’s arguments that his $80 a share bid undervalued the company.

Clorox rejected Icahn’s first offer of $10.2 billion on July 15, saying it...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.