Icahn formally launches CMC offer
Dec 09, 2011 | 12:46 PM
| Anne Riley
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 companys board," CMC said.....
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