Icahn gives unsolicited bid for Commercial Metals

AP News
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Posted: Dec 09, 2011 12:57 PM
Icahn gives unsolicited bid for Commercial Metals

Billionaire investor Carl Icahn has launched his $1.73 billion unsolicited buyout offer for Commercial Metals Co., threatening to take the company's board of directors to court if it does not allow the purchase.

Icahn Enterprises Holdings LP urged shareholders of the scrap-metal processor Friday to accept the bid, which is a 31 percent premium over the company's market value as of Nov. 25, the day before Icahn announced the buyout offer.

Commercial Metals' board said it will state its position on the offer within 10 business days. Icahn said he will fight the board in court if it does not consent to the deal.

Ichan is offering $15 per share for Irving, Texas-based Commercial Metals. The shares rose 1.4 percent to $14.30 Friday.