Cleaning & Maintenance Management Online

Private investor makes $12.6 billion bid on Clorox

July 15, 2011

OAKLAND, CA — The largest shareholder of cleaning products manufacturer Clorox Company recently submitted a $12.6 billion bid to privatize the company, according to The Wall Street Journal.

Carl Icahn''s bid, which works out to be $76.50 a share, was a 12 percent premium of the estimated value at Thursday''s closing price, the story stated.

Icahn, in a letter to Clorox Chief Executive Officer (CEO) Donald Knauss, said that other possible suitors for the purchase could be Procter & Gamble Company, Unilever, Colgate-Palmolive Company and Kimberly-Clark Corporation, the story noted.

Icahn currently owns 9.4 percent of Clorox and is willing to contribute $3.8 billion in cash to the $7.8 billion he will finance, the story added.

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