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 bonds. That effectively means Clorox shareholders would have to partly finance his bid. Icahn did not give any details of who would issue the unsecured notes or what the terms would be.
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 5225715.
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