OAKLAND, CA — Billionaire Carl Icahn announced late Friday that he was dropping his bid to buy and auction off Clorox, according to the Oakland Tribune.
Shares of Clorox fell 3.5 percent in after-hours trading Friday after Icahn revealed he had withdrawn a slate of directors for Clorox, effectively ending his bid, the article stated.
According to the article, "A considerable base of shareholders" will not support the effort to replace Clorox''s board as a prelude to putting the company up for sale, Icahn, Clorox''s largest investor, stated in a regulatory filing Friday.
Despite Icahn''s multiple attempts to buy Clorox, the company''s shares never traded above any of the prices that he floated, the article noted.
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