Clorox says no to Icahn's $10.2B buyout bid

By the Associated Press | July 18, 2011 | 5:59 PM EDT

NEW YORK (AP) — Clorox Co. is turning down billionaire investor Carl Icahn's offer to buy the company, saying the price of $76.50 per share is too low.

The Oakland, Calif., company is also adopting a "poison pill" shareholder rights measure to ward off the bid from Icahn, who is the largest shareholder in Clorox. The company says it is committed to its current strategy, saying its own plans are the best way to create value for its shareholders.

On Friday, Icahn Enterprises LP offered to buy Clorox for $10.2 billion in cash. Rather than urge the company to take the unsolicited offer, Icahn said Clorox should shop itself to competitors, saying it could get a better offer from companies like Procter & Gamble, Colgate-Palmolive Co., or Kimberly-Clark Corp.