CMC again blasts Icahn’s hostile bid
Jan 04, 2012 | 12:35 PM
| Michael Cowden
TORONTO Commercial Metals Co. (CMC) has again urged shareholders to reject Carl Icahns hostile bid for the company, contending that the move represents an attempt by Icahn to "fix his failed investment in PSC Metals" at CMC investors expense.
Since acquiring PSC Metals Inc. in 2003, the billionaire investor may have tried and failed to sell the company at least twice, the Irving, Texas-based steelmaker said in a Jan. 3 letter to shareholders signed by CMC president and chief executive officer Joe Alvarado and non-executive board member Anthony A. Massaro.
Icahn Enterprises Holdings LP declined to respond to CMCs letter.
Icahn previously told AMM that he would strip CMC of its international assets and re-form it as a U.S. scrap company after merging it with his wholly owned PSC Metals (AMM, Dec. 13).....
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.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.