Clorox (CLX) shares fell 4.9% after the market closed on Friday following a decision by Carl Icahn to withdraw his proposed slate of directors for the company’s board. In a regulatory filing, Icahn citedthe tumultuous market and a lack of shareholder support.
“The Reporting Persons have decided to withdraw their slate of directors after concluding that a considerable base of shareholders would not support their stated campaign at this time. While the Reporting Persons continue to believe that the best way to ultimately maximize shareholder value is through a sale of the Issuer to a strategic buyer, the Reporting Persons respect and understand that several large shareholders may believe that now is not the best time to run that process, given the deteriorating conditions of the financial markets and the Issuer’s view that even the Reporting Persons $80 per share offer substantially undervalues the Issuer.”
No comments:
Post a Comment