Icahn Bid for Commercial Metals Fails (IEP, CMC)

The hostile takeover offer from a division of Icahn Enterprises LP (NYSE: IEP) for Commercial Metals Co. (NYSE: CMC) has been expired at midnight last night with only 23% of shares tendered at the $15/share offering price. Icahn had been angling for slightly more than 40% of shares.

Carl Icahn’s namesake firm cancelled the bid this morning without purchasing any shares. He said in late December that he would sell his stake in Commercial Metals if the proxy fight failed.

For its part, Commercial Metals said that it was “pleased that Mr. Icahn has ended the proxy contest.” Shares of Commercial Metals stock are down about -4% this morning, at $13.90.