Icahn Discloses 9.08% Stake in Clorox Corporation (CLX)

Billionaire investor Carl Icahn has disclosed in 13D filing an 9.08% stake in Clorox Corporation (CLX), a co. that engages in the production, marketing, and sales of consumer products in the U.S. and internationally.

Icahn says in the filing that it acquired the shares of Clorox in the belief that the shares were undervalued in light of the Issuer’s emphasis on “mega-trends” and its portfolio’s focus on innovative brands that are number one in their respective categories. Icahn also says it supports the Issuer’s plan to buy back between 10 and 11 million shares by the end of its fiscal year and that it may seek to have conversations with management to discuss the business.

Shares of Clorox jumped $4.50 to $70.78 on Icahn stake news.

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Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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