CMC again blasts Icahn’s hostile bid

Jan 04, 2012 | 12:35 PM | Michael Cowden

Tags  CMC, Icahn Enterprises, PSC Metals, mergers, acquisitions, hostile takeover, Carl Icahn, Joe Alvarado Anthony Massaro

TORONTO — Commercial Metals Co. (CMC) has again urged shareholders to reject Carl Icahn’s 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 CMC’s 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).....

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