Commercial Metals Co rejected billionaire investor Carl Icahn's $1.73 billion bid to purchase out the metals recycler, saying the offer substantially undervalued the company and was "opportunistic."The stock has stayed below the $15 per-share offer that Icahn Enterprises LP made last week -- indicating investors considered a deal was unlikely. "I don't think it's their intention to put the company up for sale, but obviously if there is a higher offer down the road, they have a fiduciary responsibility to take a look at that," said analyst Kuni Che of CRT Capital Group.The company repeated on Monday that stockholders need not take any action on the proposal as it "did not constitute a formal tender offer". Icahn had earlier refuted the claim and said the offer was formal.Separately, in a regulatory filing, Commercial Metals urged its shareholders to vote against Icahn's proposals which require stockholder approval to authorize, adopt or amend any rights plan.
Icahn Enterprises L.P. (Icahn Enterprises) is a diversified holding company. Shares of IEP traded higher by 1.08% or $0.42/share to $39.40. In the past year, the shares have traded as low as $33.18 and as high as $46.97. On average, 9444 shares of IEP exchange hands on a given day and today's volume is recorded at 10008.
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