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Icahn Enterprises goes to CMC shareholders with bid board rejected

Icahn Enterprises has approached Commercial Metals Company shareholders after a bid for the company was rejected by the board.

06 December 2011

Commercials Metals Company (CMC) shareholders may consider taking the advice of merger and acquisition consultants, as Icahn Enterprises has approached them with an offer already refused by the firm's board.

Billionaire Carl Icahn tried to acquire the business for $15 (£9.59) per share recently, but CMC said this bid undervalued its operations and was an "opportunistic" attempt to pick the enterprise up cheap during the economic downturn.

Today (December 6th), Mr Icahn struck back, describing the directors' rebuff of his offer as "disappointing".

"I believe it was incumbent on the board - and that the board's fiduciary duties required it - to allow shareholders to decide whether they wished to sell their company," he stated.

The businessman urged those with a stake in the firm to tender their shares in order to put the executives under pressure to accept the $1.73 billion offer.

CMC yesterday argued stockholders could earn more from allowing it to pursue the strategy it has mapped out than selling to Mr Icahn.

Posted by Ron Maverick

Source: Icahn Enterprises statement, December 6th

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