NEW YORK (TheStreet -- Carl Icahn said Tuesday he'd buy Clorox (CLX) - Get Clorox Company Report for $10.3 billion if his director candidates aren't approved and the company isn't sold.

The billionaire Icahn's latest chatter on the bleach maker amounts to $78 a share.

In a statement, Icahn said that if a slate of directors he nominated for the Clorox 2011 annual meeting is elected, they would "immediately commence a comprehensive auction process to sell the company."

Icahn said that if the auction did not result in a sale of the company at $78 per share or better, then he will acquire it for $78 a share, at least half of which would be in cash, with the rest in registered senior unsecured notes.

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"The Clorox shareholders should have the right to decide for themselves whether to accept my bid or a better bid which I believe will be forthcoming from the sale process," Icahn said.

Shares of Clorox were recently trading at $70.35, up $1.72, or 2.51%. The shares had reached an intraday high of $72.34.

This article was written by a staff member of TheStreet.