Icahn Wants All 11 Seats on Clorox Board

Reuters

Billionaire investor Carl Icahn wants all 11 seats on the board of consumer products maker Clorox Co , which has twice rejected his offers this summer to buy the company.

In a letter to Clorox on Friday, Icahn said he wants to nominate himself, his son and nine other people for election to Clorox' board at its next annual shareholder meeting.

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The notice came just a day after Forest Laboratories Inc won its showdown with Icahn, as its shareholders backed that company's slate of 10 board members over nominees Icahn had proposed.

Icahn, Clorox's largest shareholder, was twice rebuffed by the bleach maker in July. His most recent offer was to buy the company for $80 per share, which Clorox on July 26 called "inadequate."

Icahn, who owns 9.37 percent of Clorox's shares, made his first offer public on July 15, and at that time suggested that some of Clorox's rivals should swoop in to buy the company for more than he was offering.

So far, no other buyers have stepped up to buy Clorox, which is best known for its namesake bleach.

Clorox, based in Oakland, California, could not be immediately reached for comment early on Friday morning.

Shares were up 1.4 percent to $65 in premarket trading, $15 below Icahn's July 20 offer and below the stock's closing price of $68.43 back on July 14, the day before Icahn made his first bid of $76.50 public.

The shares have not yet hit even the first offer price, suggesting investors do not anticipate a deal will actually happen.