Carl Icahn Launches Tender Offer for Commercial Metals

Billionaire investor Carl Icahn launched a tender offer for the shares of Commercial Metals at $15 apiece even as the metals recycler tries to resist his $1.73 billion hostile bid, Reuters reported Friday.

(Reuters) – Billionaire investor Carl Icahn launched a tender offer for the shares of Commercial Metals at $15 apiece even as the metals recycler tries to resist his $1.73 billion hostile bid.

“I am optimistic that a significant amount of tenders by stockholders will become a self fulfilling prophecy, and will compel the board to do the right thing by redeeming the poison pill,” Icahn said in a statement.

Icahn is trying to get 40 percent of shareholders on his side to repeal a shareholders’ rights plan Commercial Metals had adopted in July to prevent him from increasing his stake.