Icahn in hostile offer for metals

BILLIONAIRE investor Carl Icahn went hostile with his $1.73bn (£1.1bn) bid to buy Commercial Metals yesterday, a day after the metals recycler rejected his buy-out attempt.

Icahn, who owns about a 10 per cent stake in Commercial Metals, said he will start a tender offer and will require the support of at least 40 per cent of the company’s shareholders.

On Monday, Commercial Metals rejected the corporate raider turned activist’s $15 a share offer, saying it substantially undervalued the company and was “opportunistic”. The firm did not comment on the new bid.