Market commentators are aghast at Carl Icahn’s decision late on Friday to abandon his proxy fight with Clorox, announcing he has decided withdrawing his slate of directors after concluding that “a considerable base of shareholders would not support” his campaign.
After all, they can’t remember the octogenarian ever walking away from a proxy fight. However, this is actually not much of a surprise.
The reality is that Clorox is the fourth company in less than a year in which management or shareholders rebuffed Icahn’s takeover efforts, the other three being Forest Laboratories, Dynegy, and Lions Gate Entertainment.
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