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Investing

Icahn Bid for Commercial Metals Fails (IEP, CMC)

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By Paul Ausick Published
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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.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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