Clorox turns down acquisition proposal from Icahn Enterprises

OAKLAND, Calif. — Clorox has turned down an acquisition proposal from Icahn Enterprises valued at $76.50 per share, the company's board of directors announced Monday.

Clorox's board, in consultation with its financial and legal advisers, concluded that the offer "substantially undervalues the company and is neither credible nor adequate," Clorox chairman and CEO Don Knauss wrote to Icahn Enterprises chairman Carl Icahn, adding that Clorox is committed to continued stockholder value creation. The company received the offer July 14.

"Clorox has leading brands that are well-positioned in their categories and continuing to gain market share," Knauss said. "In fact, on an all-outlet retail basis, our U.S. brands have gained significantly more market share than any other branded consumer products company, or private label, in our categories over the last three years."