Icahn Enterprises Holdings LP, a subsidiary of Carl Icahn-controlled Icahn Enterprises LP, announced Friday that its subsidiary IEP Metals Sub LLC, has commenced the previously-announced tender offer for all of the outstanding shares of common stock of Commercial Metals Company (CMC) at $15 per share net to the seller in cash. On December 6, Icahn said that after the CMC Board of Directors refused his offer to acquire the company, Icahn Enterprises would take the offer directly to CMC shareholders.
"We urge you to tender your shares early," said Icahn. "I am optimistic that a significant amount of tenders by stockholders will become a self-fulfilling prophecy, and will compel the board to do the right thing by redeeming the poison pill and waiving Delaware 203, so that the tender offer can close."
Icahn also noted, "We will fight this case all the way to the Delaware Supreme Court, and it is our belief, that we will prevail on the merits and that the court would order the Board to redeem the pill and waive Section 203 so that the shareholders can be paid."