Icahn Enterprises (IEP $36.54 +0.41) confirmed it has offered to purchase Commercial Metals (CMC $14.15 +2.68) For $15/share.
Icahn stated "The reason IEP is paying a 31% premium over the November 25, 2011 closing price is because of IEP's ownership of PSC Metals Inc. When the acquisition is completed IEP intends to combine Commercial Metals with IEP's own metals recycling assets. IEP will sell Commercial Metals' non-core assets and immediately appoint a new management team to run the steel business."
Ichan is currently the largest shareholder and beneficially owns 9.98% of the outstanding common shares of Commercial Metals Company.






