Arab Today, arab today clorox rejects icahn\s new buyout offer
Last Updated : GMT 02:29:30
Arab Today, arab today
Arab Today, arab today

Clorox rejects Icahn\'s new buyout offer

Arab Today, arab today

Arab Today, arab today Clorox rejects Icahn\'s new buyout offer

New York - AFP

Clorox on Tuesday rejected the latest buyout offer from billionaire investor Carl Icahn, after he raised his bid for the cleaning-products company last week. \"Our board has carefully considered Mr. Icahn\'s revised proposal and concluded that it is inadequate and unlikely to be completed,\" Clorox\'s lead director Gary Michael said a statement. Last Wednesday, Icahn raised his bid for the Oakland, California-based company from $76.50 to $80 per share, increasing his implied valuation of Clorox from $10.2 to $10.7 billion. Icahn, who is famed for his aggressive buyout tactics, already owns 9.4 percent of Clorox. He made his initial offer for Clorox in mid-July in hopes of starting a bidding war for the company and attracting even more lucrative offers from elsewhere. Clorox makes a variety of consumer products sold under different brand names around the world but is best known for its household bleach and cleaning products. It had over $5.5 billion in sales last year.  

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