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), Unilever ( UN) and Colgate-Palmolive ( CL) 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. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: email@example.com.
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