Metals Co. Urges Stockholders To Reject Icahn Bid

Law360, New York (December 19, 2011, 2:30 PM EST) -- Commercial Metals Co. urged stockholders on Monday to reject billionaire investor Carl Icahn's $1.73 billion hostile bid because it undervalues the company.

After spending more than a week reviewing the $15-per-share tender offer by a subsidiary of Icahn Enterprises Holdings LP, Commercial Metals' board reiterated statements it made earlier this month, saying the offer did not provide fair value for the company and was not in the best interests of stockholders.

“We believe this is an opportunistic attempt by Mr. Icahn to acquire CMC at a low point in the business cycle and at a...
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