Commercial Metals ( CMC) rejected a buyout bid of $15 a share, or $1.7 billion, from investor Carl Icahn. The bid undervalues the metals recycler and is "opportunistic," said Commercial Metals' lead director Anthony Massaro in a press statement Monday. Icahn had set a deadline of Monday for Commercial Metals to respond to his proposal. "CMC has taken meaningful steps to improve long-term financial and operational performance, and the Board firmly believes that the continued pursuit of our strategy will deliver greater value for our stockholders than Mr. Icahn's proposal," the company said. Shares of Commercial Metals closed Friday at $13.90.
Dollar General ( DG), the discount retailer, earned 50 cents a share in the third quarter on revenue of $3.6 billion. Analysts were expecting profit of 47 cents a share on revenue of $3.57 billion.
Entergy ( ETR) sad Monday it plans to divest and merge its electric transmission business with ITC Holdings ( ITC). Entergy is to get $1.78 billion under the deal, which is expected to close in 2013.
Potlatch ( PCH), the timberland owner and real estate investment trust, reduced its dividend to 31 cents a share from 51 cents and said it would temporarily cut harvest levels because of softening demand. Potlatch, the real estate investment trust and timberland owner, said Monday it temporarily reduce harvest levels by 15% to 3.5 million tons.
Pep Boys ( PBY), the auto-parts retailer, is expected to post third-quarter profit of 13 cents a share on revenue of $523 million.
Walgreen ( WAG) is expected to release sales results for November.
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