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Clorox Rejects Icahn's Second Takeover Bid

8:43 AM MDT | July 27, 2011 | Lindsey Bewley

Clorox says the company's board of directors has unanimously rejected an unsolicited $10.7-billion ($80.00/share) bid from Icahn Enterprises to purchase the company, saying the bid “substantially undervalues the company and is not credible.” Icahn Enterprises, an investment fund controlled by investor Carl Icahn, currently owns 9.4% of Clorox and seeks to buy all of the company shares it does not already own. The company has made two unsolicited attempts to purchase Clorox in recent weeks, first for $10.2 billion ($76.50/share) and then $10.7 billion...

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