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November 29, 2011
Recycler and manufacturer Commercial Metals Co. is considering a purchase offer from investor Carl Icahn worth $1.73 billion.
New York-based Icahn Enterprises LP said in a news release it has made a cash offer of $15 a share for all outstanding shares of Commercial Metals’ stock. With about 115.5 million shares outstanding, that would total about $1.73 billion. The Irving, Texas-based Commercial Metals, which recycles and makes steel and metal products, said in its news release that it “will review the letter and determine a response that is in the best interests of the company and its stockholders.”
Commercial Metals said it didn’t consider the move a formal offer but Icahn disagreed, saying “it is incumbent on the board to respond to our offer as soon as possible.”
Commercial Metals reported a net loss of $129.6 million, or $1.13 per diluted share, for its fiscal year ended Aug. 31, the result primarily of restructuring charges.
News Editor, Waste360
Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.
Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.
Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.
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