It's only worth what someone is willing to pay for it.... An old saying, but is the truth today. CLX is worth $80, $78, etc because that is what he is willing to pay for it. Hence, it should be trading for $78-$80 not $65, $70.
Clorox is very foolish to reject this offer, it is a significant premium over where the stock is valued today.
$78, $80 is a better deal for shareholders than $65, $70
I just heard on Bloomberg that Icahn probably has no desire to buy Clorox. He just wants to start a bidding war. I said yesterday thats what I thought. He wants his 10% float to be a lot higher share price so he can unload, make a nice pile of money and move on to other prey! Unbelievable how these guys work their magic.
Great idea Carl, but where are the other bidders? You would think that he would do his due diligence and confirm that there were other companies willing to bid before he made a 10 billion offer that could be accepted. Peter