Icahn formally launches CMC offer
Dec 09, 2011 | 12:46 PM
| Anne Riley
Tags
Carl Icahn,
Commercial Metals,
steel,
scrap,
tender,
Anne Riley,
IEP Metals Sub
NEW YORK — Billionaire investor Carl Icahn has formally launched his previously announced tender offer to acquire all outstanding shares of Commercial Metals Co. (CMC), according to documents filed with the U.S. Securities and Exchange Commission.
The tender offer launched Friday by Icahn Enterprises Holdings LP and its wholly owned subsidiary, IEP Metals Sub LLC, is valued at $1.56 billion, plus a $178,800 filing fee. The companies aim to buy up to 104,014,000 shares at $15 apiece by midnight Jan. 10, the documents show.
CMC confirmed that it was aware of the offer, was consulting with its financial and legal advisers, and would advise stockholders of its formal position on the buyout within 10 business days. "Commercial Metals’ stockholders are advised to take no action at this time pending the review of the tender offer by the company’s board," CMC said.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here