CMC Board of Directors to Review Unsolicited Tender Offer from Carl Icahn
12/12/2011 - Commercial Metals Company's Board of Directors, in consultation with its independent financial and legal advisers, will review the unsolicited tender offer from Carl Icahn and Icahn Enterprises Holdings L.P. to acquire all outstanding common shares of Commercial Metals Company at a price of $15.00 per share.
Commercial Metals Co. has confirmed that Carl Icahn and Icahn Enterprises Holdings L.P. have commenced an unsolicited tender offer to acquire all outstanding common shares of Commercial Metals Company at a price of $15.00 per share.
Consistent with its fiduciary duties, Commercial Metals Company's Board of Directors, in consultation with its independent financial and legal advisers, will review the offer.
In a published release, the company said the Board intends to advise stockholders of its formal position regarding the tender offer within ten business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.
The company also noted that Commercial Metals Company's stockholders are advised to take no action at this time pending the review of the tender offer by the Company's Board. The company also advised stockholders to carefully read CMC's solicitation/recommendation statement, when it becomes available, regarding the tender offer referred to in this press release.
Source: Commercial Metals Company
Commercial Metals Co. and subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel mini-mills, steel fabrication and processing plants, construction-related product warehouses, a copper tube mill, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.
