Billionaire investor Carl Icahn said on Tuesday he would backstop any auction of Clorox Co (CLX.N) with a $10.26 billion bid if his slate of nominees were elected to the board of the bleach maker. The news came after the company's board unanimously rejected two offers from Icahn, who is Clorox's largest shareholder. The shares of the 99-year-old company, which makes a range of products from bleach to Burt's Bees lotions, rose 2 percent but were nearly $8 below Icahn's offer of $78 per share, indicating investors doubt the bid will succeed. Icahn's previous offer was to purchase the company for $10.52 billion, or $80 a share, but Clorox rejected his overture as not credible, questioning whether he had the financing to fund a purchase.
The Clorox Company (Clorox) is a manufacturer and marketer of consumer and institutional products. Shares of CLX traded higher by 2.14% or $1.47/share to $70.10. In the past year, the shares have traded as low as $60.56 and as high as $75.44. On average, 1910560 shares of CLX exchange hands on a given day and today's volume is recorded at 4547891.
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