Seeking Alpha

Commercial Metals Company (CMC)

  • Apr. 18, 2012, 8:32 AM
    Carl Icahn lowers his stake in Commercial Metals (CMC) to 7.49% from 9.98% three months after dropping his $1.73B buyout offer, for which received acceptances representing only 23% of shares.
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  • Dec. 19, 2011, 8:04 AM
    Commercial Metals (CMC) recommends shareholders reject Icahn's $15/share tender offer, saying it "substantially undervalues CMC, is opportunistic and is not in the best interests of its stockholders." (previously)
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  • Dec. 9, 2011, 10:30 AM
    Plan B: After being rejected by the firm directly, Carl Icahn launches a $15/share tender offer to acquire a controlling interest of Commercial Metals (CMC +0.2%). Icahn calls on the firm's board to redeem a poison pill that could block his efforts.
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  • Dec. 6, 2011, 9:38 AM
    Carl Icahn goes hostile with his $1.73B bid to buy Commercial Metals (CMC), saying he intends to initiate a tender offer for all the company's outstanding common shares at $15 a piece. The move comes a day after the metals recycler rejected Icahn's advances. CMC +0.5% at $14.16 premarket.
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  • Dec. 5, 2011, 5:11 AM
    Commercial Metals (CMC) rejects Icahn's unsolicited $15/share offer, saying the $1.73B bid is opportunistic and fails to reflect CMC's true value. Icahn's company said it would "take matters into our own hands" if CMC failed to respond by today.
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  • Dec. 2, 2011, 2:39 PM
    Carl Icahn issues an open letter to Commercial Metals' (CMC -0.2%) board, in which he expresses disappointment at the board's failure to respond to the $15/share buyout offer he made on Monday. Icahn calls the lack of a response "wholly consistent with the pattern of irresponsibility demonstrated by the Company over the years."
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  • Nov. 28, 2011, 9:06 AM
    Bloomberg reports Carl Icahn has offered to buy Commercial Metals (CMC) for $15/share. Last trade on Friday: $11.45. Shares +25.3% premarket.
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CMC vs. ETF Alternatives
Company Description
Commercial Metals Co recycles, manufactures, fabricates and distributes steel and metal products and related materials and services through a network of locations throughout the United States and internationally.
Industry: Steel & Iron
Country: United States