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Lacking support, Icahn withdraws Clorox slate

Carl Icahn Carl Icahn
By Bloomberg News
September 24, 2011

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NEW YORK - Billionaire investor Carl Icahn withdrew a slate of directors for Clorox Co. after concluding that shareholders wouldn’t support his plan to try to sell the company to rival consumer products makers.

Several large shareholders don’t consider it a good time to try to sell Clorox because of the deteriorating financial markets and the company’s opposition, New York-based Icahn Capital LP said yesterday in a filing with the Securities and Exchange Commission.

Clorox rejected multiple takeover proposals from Icahn. Icahn, who had named Procter & Gamble Co. and Kimberly-Clark Corp. as potential buyers, said yesterday that a sale of Clorox still is the best way for the company to boost its value.

Clorox confirmed that Icahn’s nominees were withdrawn and said it is “confident’’ its strategy of focusing on consumer trends will benefit shareholders.