Carl Icahn, who issued a public letter to the Board of Directors of Irving, Texas-based steelmaker Commercial Metals Company Monday, sent yet another letter Friday. Icahn said that "On Monday, we informed you and publicly announced that Icahn Enterprises LP would purchase Commercial Metals Company at $15 per share, in cash, without any financing or due diligence conditions. Disappointingly, it is Friday afternoon, the week is over, and we still have not heard from you."
Icahn noted that since Monday's announcement, over 22 million CMC shares have been traded and it is irresponsible but also said that CMC's actions are "wholly consistent with the pattern of irresponsibility demonstrated by the Company over the years."
Icahn ended the letter with an ultimatum: "We have received a number of inquiries from shareholders this week, as we are sure you have too. Shareholders deserve an answer; it is incumbent on this Board to respond to our offer. To that end, if you continue to disregard your duties and have not contacted us by 9:00 a.m., New York City time, on Monday, December 5, 2011, to schedule a meeting to discuss our offer, please be forewarned that we intend to take matters into our own hands."
On Monday, CMC said that Icahn's initial letter was "unsolicited" and it would review the letter and determine the best response.