Icahn Drops $2B Hostile Bid For Commercial Metals

Law360, New York (January 11, 2012, 1:28 PM EST) -- Carl Icahn has dropped his $1.73 billion hostile bid for scrap-metal processor Commercial Metals Co. because he wasn't able to meet a self-imposed 40.1 percent tender threshold by midnight Tuesday, the billionaire investor's Icahn Enterprises Holdings LP announced Wednesday.

Icahn's company garnered only 23 percent of the shares by the deadline, and so no shares were purchased, and any shares previously tendered and not withdrawn will be returned, according to a statement. Icahn has also withdrawn his nominees for election to the company's board at its...
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