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Icahn: Unlikely to be Sole Bidder for Clorox

OAKLAND, Calif. ( TheStreet) -- Billionaire investor Carl Icahn encouraged Clorox (CLX - Get Report) to shop around for other bidders, and named names on who else might look to buy the home products maker.

Icahn made a $12.6 billion acquisition bid for Clorox, according to a regulatory filing early Friday that indicates he's proposed to purchase the company for $76.50 per share.


In the letter Icahn sent to Clorox CEO Donald Knauss in which he made the bid, he also encouraged the company to shop around for a better offer as well, which of course has the potential to greatly increase the value of his investment. Entities controlled by Icahn own roughly 9.4% of Clorox's outstanding common stock, making him the company's largest shareholder.

Icahn wrote to Knauss that he was confident Clorox would receive "numerous superior bids." He tapped consumer products makers Procter & Gamble (PG - Get Report), Unilever (UN) and Colgate-Palmolive (CL - Get Report) as possible "strategic buyers."


"We are in a unique position as your largest shareholder in that we are wearing two hats - one as a shareholder and another as a buyer," Icahn wrote in the letter.

Clorox shares soared 10.5% in premarket trading Friday morning.

-- Written by Miriam Marcus Reimer in New York.



>To contact the writer of this article, click here: Miriam Reimer.

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SYM TRADE IT LAST %CHG
CL $67.86 0.27%
CLX $106.51 0.30%
PG $80.35 0.07%
UN $43.47 -0.44%
UL $43.83 0.00%

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