Tags: Commercial | Metals | Icahn | offer

Commercial Metals Rebuffs Icahn's Buyout Offer

Monday, 05 Dec 2011 07:30 AM

Commercial Metals Co. is rebuffing billionaire investor Carl Icahn's $1.73 billion takeover offer, saying the proposal undervalues the scrap-metal processor.

On Friday Icahn told Commercial Metals' board that it had until Monday to set up a meeting to discuss his $15 per share offer, which was a 7 percent premium to Friday's closing stock price of $13.99.

A call to Icahn Enterprises LP, which made the offer, was not immediately returned.

Icahn, known for buying and shaking up struggling companies, already owns almost 10 percent of Commercial Metals. He had wanted to combine Commercial Metals with his existing metals recycling businesses and sell off the rest of its assets, refocusing on its core North American operations. Icahn already owns PCS Metals Inc.

Commercial Metals is based in Irving, Texas.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Companies
Commercial Metals Co. is rebuffing billionaire investor Carl Icahn's $1.73 billion takeover offer, saying the proposal undervalues the scrap-metal processor.On Friday Icahn told Commercial Metals' board that it had until Monday to set up a meeting to discuss his $15 per...
Commercial,Metals,Icahn,offer
129
2011-30-05
Monday, 05 Dec 2011 07:30 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved