Share price information brought current in this update.
BOSTON ( TheStreet) -- If Carl Icahn's $12.6 billion bid to acquire Clorox (CLX - Get Report) looks a tad self-serving, it is. For a billionaire investor who owns almost 10% of the consumer products company, that's the point.
In a letter Friday to Clorox Chairman and CEO Donald Knauss, Icahn proposed a buyout of the company at $76.50 per share in cash, an 11% premium to the stock's closing price on Thursday.
But in an interesting twist, Icahn encourages Knauss to pursue synergistic buyers, noting that uninvited buyout offers in the industry are frowned upon. Icahn asserts that Clorox could be worth $100 per share for any buyer other than himself.
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