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Friday, August 19, 2011

Twice rejected, Icahn wants all Clorox board seats, (NYSE: CLX), (NYSE: FRX)

Carl Icahn wants to scrub the Clorox Co (CLX.N) board clean. In a letter to Clorox on Friday, Icahn said he wants to nominate himself, his son and nine other people for election to the board at its next annual shareholder meeting. Last month, the bleach maker's board unanimously rejected two offers from the billionaire investor, who is Clorox's largest shareholder. The attempt to replace the entire board differs from tactics Icahn has used with other companies, where he targeted only a small number of seats. He nominated four people to Forest Laboratories Inc's (FRX.N) then nine-member board in June. On Thursday, Forest Labs won its showdown with Icahn as its shareholders backed the company's slate of 10 board members over the nominees Icahn proposed.

The Clorox Company (Clorox) is a manufacturer and marketer of consumer and institutional products. Shares of CLX traded higher by 0.37% or $0.24/share to $64.36. In the past year, the shares have traded as low as $60.56 and as high as $75.44. On average, 1861400 shares of CLX exchange hands on a given day and today's volume is recorded at 2428573.

Forest Laboratories, Inc. (Forest) develops, manufactures and sells branded forms of ethical drug products, most of which requires a physician's prescription. Shares of FRX fell by 0.78% or $-0.26/share to $32.92. In the past year, the shares have traded as low as $27.27 and as high as $40.52. On average, 3858540 shares of FRX exchange hands on a given day and today's volume is recorded at 1672002.



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