Carl Icahn withdraws Clorox slate

AP News
Posted: Sep 23, 2011 5:09 PM
Carl Icahn withdraws Clorox slate

Billionaire investor Carl Icahn has withdrawn his slate of directors for consumer products company Clorox's board, ending a proxy fight.

In a filing with the Securities and Exchange Commission, Icahn said he continues to think the best way to maximize shareholder value is through a sale of the company. He also said that he has concluded that most shareholders don't support the idea.

Icahn, known for shaking up struggling companies, has proposed to either sell the company or buy it himself, which Clorox has dismissed as not credible. In August, Icahn said he wanted to install himself and 10 other directors on the company's board. Clorox makes salad dressing, beauty and cleaning products and other consumer products.

Clorox shares fell $2.60, or 3.8 percent, to $66.80 in aftermarket trading.