1999 Clorox Acquisition
Icahn Stake Loses Value for Clorox Success Returns « Www ...
By Sarah Rabil and Tara Lachapelle
Feb. 15 (Bloomberg) — Billionaire Carl Icahns investment in Clorox Co. gives him a stake in a company that is already squeezing more profit from sales and generating more cash than any U.S. household products maker. That may make it harder for the activist to push for a sale or breakup.
Clorox, which makes anything from its namesake bleach to Hidden Valley ranch salad wearing and Kingsford charcoal, earned about 20 cents before interest and taxes for every dollar of sales in the past year, more than any U.S. competitor that has likewise shoved cash from operations for three years, according to data compiled by Bloomberg. Cloroxs shares have acquired less than 1 percent on Icahns disclosure of a 9.1 percent stake last week after retreating 6.2 percent yesterday.
While Icahn made millions in the 1980s pressuring companies from USX Corp. to Texaco Inc. to split up or boost dividends and buybacks, Clorox has already returned 85 percent of its operating cash to shareholders since 1996, according to Sanford C. Bernstein & Co. A sale of the Oakland, California-based company would also be almost twice as large as the biggest ever acquisition in the household products industry, data compiled by Bloomberg show.
Its not like hes saying that theyre doing the wrong object, said Steven Kaplan, a professor at the University of Chicago Booth School of Business. Theyve already been act what he usually asks human to do. That is uncommon. It suggests that he does calculate the company is undervalued.
Susan Gordon, Icahns spokeswoman, said he was traveling and unavailable for comment.
Motorola, Lions Gate
Icahn, who turns 75 morrow, is loading up on Clorox after the shares of some of his most recent investments declined in amount. Motorola Inc. and Lions Gate Entertainment Corp. are worth less than when his stakes in the companies were first disclosed, data compiled by Bloomberg show.
He initially revealed his stake in Motorola in January 2007 when it traded at about $75. Icahn pressured Motorola to use always its cash to repurchase shares and then called on the Schaumburg, Illinois-based company to divide its mobile-phone business. The stock fell 50 percent from his first investment through Jan. 3, the day before the spinoff was completed.
Shares of Santa Monica, California-based Lions Gate have fallen 30 percent since Icahn first reported a stake in May 2006. Icahn and the film laboratories directors have clashed over board seats, his failed takeover command for the company and an progressive lawsuit demanding he had secluded arrangements to incorporate Lions Gate with Metro-Goldwyn-Mayer Inc.
1999 Clorox Acquisition - Bookshelf
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Clorox's acquisition of First Brands led to a 46 percent increase in revenue in 1999 and moved the company past the $4 billion mark. ...West's federal reporter, cases argued and determined in the United States courts of appeals and Temporary Emergency Court of Appeals
This action was filed on October 6, 1999. The district court granted ... and after the acquisition; that shortly after the closing in January 1999, Clorox ...International Directory of Company Histories
Later in 2003 Reckitt Benckiser did complete a much smaller purchase, buying the Brazil-based SBP insecticides business from the Clorox Company. ...Antitrust law
The illegality of the acquisition was placed on two grounds: first, that it enhanced Clorox's already dominant position in the liquid bleach industry, ...Standard & Poor's creditweek
However, we expect Clorox will limit further near term acquisition activity to smaller, tuck-in acquisitions as it focuses on enhancing existing brands, ...Everyday Info Directory
Clorox Co: Information from Answers.com
1999: Clorox acquires First Brands Corporation, maker of Glad plastic bags and wraps. ... Clorox's acquisition spree culminated in January 1999 with the purchase of First Brands ...
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Helena Harvilicz Clorox Company has announced another quarter and fiscal year of record results. ... The acquisition of First Brands at the beginning of 1999 is on target and ...
Fool.com: Clorox Clocked On Growth Fears (News) August 12, 1999
Fallout from the recent First Brands purchase will hurt near-term results. But has Mr. ... August 12, 1999. Much of the credit for household grocery products maker Clorox's (NYSE: ...
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Instituto profesional CIISA, Ingeniería en Computación e Informática, Telemática, Programación, Administración de Redes, Estudios de Prosecución. ...