Billionaire investor Carl Icahn said on Tuesday his nominees for Clorox Co's (CLX.N) board would try to sell the bleach maker if elected, with him backstopping an auction with a $10.26 billion bid. The move is the latest salvo in an intensifying battle for Clorox, where Icahn launched a proxy fight after the board rejected two of his takeover offers, the last one worth $10.52 billion, or $80 a share. Icahn is Clorox's largest shareholder, with a 9.51 percent stake. Icahn also sought to resolve questions about how he would finance his latest $78 per share bid, saying he would pay at least half in cash and the rest in unsecured bonds. The bid is not subject to financing or due diligence. Earlier, Icahn secured a "highly confident" letter of financing from Jefferies Group Inc (JEF.N), which unlike committed financing does not guarantee the funds would be available.
The Clorox Company (Clorox) is a manufacturer and marketer of consumer and institutional products. Shares of CLX traded higher by 2.75% or $1.89/share to $70.52. 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 5221715.
Jefferies Group, Inc. and its subsidiaries operate as securities and investment banking firm. Shares of JEF fell by 3.26% or $-0.55/share to $16.31. In the past year, the shares have traded as low as $14.33 and as high as $27.12. On average, 1640670 shares of JEF exchange hands on a given day and today's volume is recorded at 1410709.
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