Icahn abandons push for CMC control

Jan 11, 2012 | 02:59 PM | Anne Riley

Tags  Carl Icahn, CMC, steel, scrap, Anne Riley

NEW YORK — Billionaire investor Carl Icahn has dropped his unsolicited bid to acquire Commercial Metals Co. (CMC) after his company failed to secure 40.1 percent of outstanding shares in a tender offer that expired at midnight Tuesday.

Icahn Enterprises Holdings LP, which had been seeking a majority stake in the Irving, Texas-based company, announced Wednesday that it will not continue its push to appoint three nominees to CMC’s board of directors after its $15-per-share offer resulted in just 23 percent of outstanding shares being tendered.

"We did not receive 40.1 percent of the shares, and therefore, as previously disclosed, we will discontinue our proxy fight," Icahn said in a statement.....

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