Commercial Metals Rebuffs Icahn's Acquisition Bid

Law360, New York (December 5, 2011, 2:47 PM EST) -- Commercial Metals Co.'s board has rejected Carl C. Icahn's unsolicited proposal to buy the scrap metal recycler and metal products producer for $15 per share, contending Monday that the proposal is an opportunistic attempt to acquire the company on the cheap.

Icahn made the proposal in an open letter to Texas-based CMC's board on Nov. 28, stating he had no confidence in the company's leadership. The purchase price that Icahn's investment vehicle, Icahn Enterprises LP, has offered values the company at about $1.73 billion and represents...
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