EmailCommercial Metals (CMC $14.15 +0.17) announced its Board has unanimously determined that the unsolicited proposal from Carl Icahn to acquire company for $15.00 per share substantially undervalues the company and its future prospects, is opportunistic and is not in the best interests of stockholders.
The company stated: "The CMC Board believes that Mr. Icahn's proposal substantially undervalues the Company and is an opportunistic attempt - at a time when we are at a low point in the economic and industry cycle - to transfer the future value of CMC from its stockholders to Carl Icahn...It's important that our stockholders understand that Mr. Icahn is making an aggressive push to acquire the Company at this time in an attempt to achieve a bargain basement price for CMC."
