NEW YORK (
) -- Shares of
fell in late trades Friday after Carl Icahn withdrew his slate of nominees for the company's board, essentially backing off his bid to engineer a sale of the company.
In a Form 13D filing with the
Securities and Exchange Commission
, Icahn said the decision was made "after concluding that a considerable base of shareholders would not support their stated campaign at this time."
Icahn, who owns a 9.5% stake in Clorox, expressed a belief that a sale to a strategic buyer was the "best way to ultimately maximize shareholder value" but found a back door out of buying the company himself for $80 per share, as he previously stated he would be willing to do
The Reporting Persons respect and understand that several large shareholders may believe that now is not the best time to run that process, given the deteriorating conditions of the financial markets and the Issuer's view that even the Reporting Persons $80 per share offer substantially undervalues the Issuer," the filing reads.
The stock was last quoted down more than 5% at $66 in after-hours action, according to
. Year-to-date, based on a regular session close at $69.40, the shares were up 4.5% but had pulled back since hitting a 52-week high of $75.44 on July 20 when Icahn first revealed his intentions.
was sliding in late action, dropping more than 12% to $2.08 on heavy volume in the extended session, after the company said it's withdrawn $160 million under a credit agreement that it amended and restated back in April.
In a Form 8-K filing with the SEC, the company said it drew down the funds for "general corporate purposes."
Shares of Eastman Kodak closed Friday at $2.38, and the stock is down 56% so far in 2011.
Written by Michael Baron in New York.
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