Icahn's Next Target: Clorox |
| Wall Street Journal - Jul 16, 2011 |
Activist investor Carl Icahn put Clorox Co. in play Friday, launching a bid for the iconic, 98-year-old American company and inviting other buyers to make offers of their own.
The bid, which values Clorox at $10.2 billion, underscores how the company has missed out on the acquisitions and international expansion that has propelled the leaders of the consumer-products industry.
Clorox said it would review the bid promptly. Its board will have to decide whether to continue to fight it out against much larger competitors or take steps that could end its run as an independent company.
Mr. Icahn made his approach five months after revealing he had taken a stake in the company in the company that now amounts to 9.4%. His interest has boosted the market value of Clorox, which has struggled to navigate between rising materials costs and generic competition for products including Glad garbage bags, Hidden Valley salad dressings and its namesake bleach.
Read Full Article from Wall Street Journal
- Posted: 2011-07-16 22:39:43
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