CMC Responds to Expiration of Tender Offer, Withdrawal of Director Nominees
01/12/2012 - Commercial Metals Co. issued a statement in response to IEP Metals Sub LLC’s announcement that its tender offer has expired and that Mr. Icahn has withdrawn his nominees for election to the company's Board.
Commercial Metals Co. issued a statement regarding the announcement by IEP Metals Sub LLC, an affiliate of Carl Icahn, that its tender offer for the company has expired and that Mr. Icahn has withdrawn his nominees for election to the company's Board at its Annual Meeting.
"We are pleased that Mr. Icahn has ended the proxy contest following the expiration of the tender offer,” said the company in its statement. “The Board has great confidence in the company's future and believes that the continued execution of its strategic plan, which is already yielding positive results, will deliver enhanced value to our stockholders.
“We look forward to our upcoming Annual Meeting where our highly qualified director nominees – Harold L. Adams, Joe Alvarado and Anthony A. Massaro – are standing for election to the Board. Our Board and management remain focused on building on our momentum, and we would like to thank stockholders for their continued support."
Commercial Metals Co. and subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, 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.
