SAN FRANCISCO, CA — Clorox has rejected the unsolicited offer of $10.2 billion from investor Carl Icahn, according to the San Francisco Chronicle.
The company has also decided to adopt a shareholder rights plan in order to guard against any future takeover, the article stated.
According to the article, a spokesperson for the company said Monday that the proposal to purchase Clorox "substantially undervalues the company."
"The proposal on the table was deemed inadequate and not credible," said Clorox Chief Executive Officer (CEO) Don Knauss.
"Icahn''s offer was highly conditional and would make it very easy for them not to provide financing," Knauss added.
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