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Management And Training

Ichan increases his bid for Clorox

July 21, 2011
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SAN JOSE, CA — After Clorox rejected Carl Ichan''s initial bid, the billionaire has come back with a new offer, according to the San Jose Mercury News.

The bidding war for Clorox continued on Wednesday when Ichan responded to Clorox''s rejection with a new offer of $80 dollars a share, up from $76.50, which the San Jose Mercury News has reported is akin to a $10.7 billion offer, the article stated.

According to the article, Ichan is offering to put up $6.2 billion of his own money in an effort to show his offer to buy the company is serious.

A statement from the company on Monday called Ichan''s offer inadequate, prompting Ichan to criticize the performance of Clorox shares under the leadership of Chief Executive Officer (CEO) Donald Knauss, the article noted.

"For Don Knauss and the rest of the board to claim our proposal remains inadequate and at the same time tout your record for shareholders seems a bit absurd," Icahn wrote in a letter that was disclosed in a regulatory filing Wednesday.

Clorox has said it will review the Icahn counteroffer, the article noted.

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