OAKLAND, Calif. — Icahn Enterprises is continuing its pursuit of Clorox, despite the company's rejection of last month's takeover bid.
Icahn Enterprises' affiliate High River Limited Partnership said Friday that Icahn Enterprises is looking to replace Clorox's entire board of directors with 11 nominees, who will stand for election at Clorox's yet-to-be-announced annual stockholders meeting.
"Clorox has an outstanding board of directors that has demonstrated its commitment to acting in the best interests of all Clorox stockholders," the company said in a statement. "The board is composed of 11 highly qualified directors, 10 of whom are independent, and all of whom are elected annually. The directors are proven business leaders with a broad range of complementary experience in consumer products, finance and other areas essential to Clorox's business, and they have overseen the company's success in delivering superior results and creating significant stockholder value."
Icahn Enterprises in July submitted an acquisition proposal to Clorox valued at $76.50 per share, which was turned down. Its chairman, Carl Icahn, has a 9.4% stake in Clorox.
"We believe that Mr. Icahn is nominating candidates solely to advance his own agenda," Clorox said, adding that it would review Icahn's nominations "to ensure they comply with the company's governing documents and applicable law."