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Icahn Enterprises made a $10.2-billion buyout offer for Clorox July 14, 2011, valuing the stock at 76.50 a share. (Justin Sullivan/Getty Images)
Icahn Enterprises made a $10.2-billion buyout offer for Clorox July 14, 2011, valuing the stock at 76.50 a share. (Justin Sullivan/Getty Images)

Carl Icahn sweetens Clorox offer Add to ...

Billionaire investor Carl Icahn raised his offer to buy household products maker Clorox Co. to $80 a share from $76.50 after the company rejected his previous offer as too low and not credible.

In a letter to Clorox’s board Wednesday, Mr. Icahn, the company’s largest shareholder, said that he would put $6.2 billion, including his 12.5 million Clorox shares, in escrow, “to put the question of credibility to rest once and for all.”

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He said he did not believe there was “any legitimate question” about whether he could raise the additional $7.8 billion for the offer, on top of his $5.2 billion in shares.

On Friday, Mr. Icahn put Clorox in play with an offer of $76.50 per share, which valued the company at more than $10 billion.

Mr. Icahn also suggested that rival companies should consider paying even more for Clorox.

Clorox shares were up 4.4 per cent at $75.79 in trading before the market opened.

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Clorox Co.

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