Carl Icahn raised his offer for Clorox Co. to $80 a share, valuing the maker of the namesake bleach at about $10.7 billion, after his earlier bid was rejected.
Icahn Enterprises LP and affiliates will put $5.2 billion, including their Clorox shares, in escrow to demonstrate the credibility of the offer, Icahn said today in a filing. Clorox, which also makes Glad trash bags and Fresh Step cat litter, rejected his earlier bid this week, saying it undervalued the company and financing wasn’t certain.
Full story: Icahn boosts Clorox offer to $10.7 Billion after rejection