M & A wrap: Icahn bids for Commercial Metals

December 9, 2011

“Billionaire investor Carl Icahn has launched his $1.73 billion unsolicited buyout offer for Commercial Metals Co., threatening to take the company‚Äôs board of directors to court if it does not allow the purchase,” the Washington Post reports.

Meanwhile, Reuters is reporting Commercial Metals has changed its mind and will review Carl Icahn’s $1.73 billion buyout offer after all, just days after dismissing it as “substantially undervalued” and “opportunistic.”

“The SEC served notice that it will likely sue billionaire Phil Falcone and other people affiliated with his Harbinger hedge fund,” the Wall Street Journal’s Deal Journal reports, while the impetus is yet to be revealed.

The U.S. Justice Department said on Friday it would seek to stay or dismiss its lawsuit to stop AT&T Inc’s purchase of T-Mobile USA because AT&T withdrew its application with the Federal Communications Commission, which must approve the deal.

Two of Canada’s largest telecom and media companies will take control of the lucrative Toronto sports empire that owns the NHL’s Maple Leafs in a $1.30 billion deal that brings more premium content to their competing sports channels, Reuters reports.




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