Commercial Metals Company Up 1% After Icahn Commences Previously Announced Offer


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Shares of Commercial Metals Company ( CMC ) were up 1% on the back of an announcement by Icahn Enterprises Holdings L.P. that its subsidiary, IEP Metals Sub LLC, has commenced the previously announced tender offer for all of the outstanding shares of common stock of CMC at $15 per share net to the seller in cash.

The Offer price represents a premium of 31% over the $11.45 closing price of the Common Stock on November 25, 2011, the day prior to Icahn's announced offer to acquire the Company by merger.

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This article appears in: Investing , Commodities

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