Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices
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.”

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.

Report Typo/Error

Follow us on Twitter: @GlobeInvestor

 
  • Clorox Co
    $130.83
    -0.20
    (-0.15%)
  • Updated July 28 4:02 PM EDT. Delayed by at least 15 minutes.

More related to this story

Topics

Next Story

In the know

The Globe Recommends

loading

Most popular videos »

Highlights

More from The Globe and Mail

Most popular