Icahn offers to buy Commercial Metals for $1.73B
Carl Icahn's Icahn Enterprises LP (IEP-N) offered to buy Commercial Metals Co (CMC-N) for $15 US per share, valuing the metals recycler at about $1.73 billion.
The offer price represents a premium of 31 percent to CMC's Friday close. Shares of the company were trading up on Monday on the New York Stock Exchange.
In a letter to shareholders, Icahn, who controls a 9.98 percent stake in Commercial Metals said he didn't have "any confidence that the board will ever hold management accountable for poor performance."