Icahn Boosts Offer For Clorox To $80 Per Share

Billionaire investor Carl Icahn is raising his offer for Clorox Co. to about $10.7 billion, despite already being its biggest shareholder.

NEW YORK (AP) -- Billionaire investor Carl Icahn is raising his offer for Clorox Co. to about $10.7 billion, two days after the consumer products maker rejected his initial bid that valued the company at about $10.2 billion.

In a regulatory filing Wednesday, Icahn increased his offer to $80 per share from $76.50 a share.

Clorox shares rose 3.6 percent to $75.16 in premarket trading.

Icahn, Clorox's biggest shareholder, said in a letter to the company's board that shareholders should be allowed to decide whether to accept his offer or a potentially higher one from another suitor if it materializes.

Icahn Enterprises LP made its initial unsolicited bid for Clorox on Friday. Clorox rejected the offer on Monday, saying it was too low. The Oakland, Calif. company also said at the time that it was adopting a "poison pill" shareholder rights measure to try to ward off Icahn.

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