Billionaire Carl Icahn, who has been rebuffed twice in efforts to buy Clorox Co., now says he wants all 11 seats on the company’s board, Reuters reported Friday. Icahn, which owns 9.4% of Clorox, sent a letter to the company saying that he wants to nominate himself and 10 others for election to the board.
(Reuters) – Billionaire investor Carl Icahn wants all 11 seats on the board of consumer products maker Clorox Co (CLX.N), 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 and 10 other people for election to Clorox’ board at its next annual shareholder meeting.
Icahn was twice rebuffed by Clorox in July. His most recent offer was to buy the company for $80 per share, which Clorox on July 26 called “inadequate.”
Icahn, Clorox’ largest shareholder with 9.4 percent of 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 1.8 percent to $65.30 in premarket trading. (Reporting by Phil Wahba and Jessica Wohl, editing by Gerald E. McCormick)