^

Business

Icahn makes $12.6-B offer for Clorox

-

NEW YORK (AP) – Activist investor Carl Icahn made an unusual offer to buy Clorox Co. this week, presenting himself almost as a disinterested bidder and encouraging the company to try to find a better offer.

The billionaire hedge fund manager sent a letter to Clorox CEO Don Knauss on Thursday offering to pay $76.50 per share in cash, according to a regulatory filing Friday. That’s a 12 percent premium to Thursday’s closing price.

Clorox shares leapt Friday on the news. However, Icahn seemed more interested in drumming up another buyer, such as Procter & Gamble Co. or Colgate-Palmolive Co., than actually buying Clorox himself.

In his letter to Knauss, Icahn said that his firm wore “two hats” both as a potential buyer of Clorox and as its biggest shareholder. He said shareholders would benefit the most if Clorox were sold to another consumer products company that could take advantage of “significant inherent synergies.”

He suggested that Procter & Gamble, Colgate and Kimberly-Clark Corp., which are headquartered in the US, might be interested. So might Unilever PLC, Reckitt Benckiser and Henkel AG, he said. He expressed confidence that Clorox would find “numerous superior bids” if it shopped itself around.

vuukle comment

CARL ICAHN

CLOROX

CLOROX CO

COLGATE AND KIMBERLY-CLARK CORP

COLGATE-PALMOLIVE CO

DON KNAUSS

GAMBLE CO

ICAHN

KNAUSS

PROCTER

RECKITT BENCKISER AND HENKEL

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with