Icahn Gets Hostile, Ups Clorox Bid To $10.7B

Law360, New York (July 20, 2011, 12:56 PM EDT) -- Takeover specialist Carl C. Icahn on Wednesday upped his bid for Clorox Co. to $10.7 billion and called its rejection of his original offer “misguided” in an increasingly nasty battle for control of the company.

In a letter to Clorox's board of directors filed with the U.S. Securities and Exchange Commission, Icahn blasted the rejection of his original $10.2 billion bid by Clorox Chairman and CEO Don Knauss and the board, saying that the company has underperformed under Knauss' leadership. The new offer values Clorox at...
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.