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Raising the ante doesn't sway the board of directors.
July 26, 2011
By: TOM BRANNA
Editor
Clorox Co. said late Tuesday its board determined a revised bid from billionaire investor Carl Icahn substantially undervalues the company and is not good for shareholders. “Our board has carefully considered Mr. Icahn’s revised proposal and concluded that it is inadequate and unlikely to be completed,” said Clorox board member Gary Michael in a statement. “The board also believes Mr. Icahn’s revised proposal lacks detail and contains significant conditionality.” Recently, Icahn raised his bid for Clorox to $80 a share from a previous offer of $76.50 a share.
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