Icahn Raises the Ante on Clorox

Under the new deal, Icahn Enterprises and affiliates will put $5.2 billion, including their Cloroxshares, in escrow to demonstrate the credibility of the offer. Clorox rejected his earlier bid, saying it undervalued the company and financing wasn’t certain. Icahn is Clorox’s largest investor with a 9.4% stake.

In his failed attempt last week, he urged the company to seek offers from strategic buyers including Procter & Gamble and Kimberly-Clark. He said in an interview he expected “a great deal of interest’’ from other potential buyers.

To thwart Icahn’s bid, Clorox adopted a shareholder rights plan that would allow current investors to purchase additional shares if an entity acquired more than 10% of the company in a transaction not approved by the board.