Billionaire investor Carl Icahn has made an unsolicited offer to buy Irving-based metals recycler Commercial Metals Co. for about $1.73 billion in cash. Icahan said in an open letter to the Commercial Metals board that he plans to combine Commercial Metals with Icahn Enterprises’ own metal recycling assets, sell CMC’s noncore assets and appoint a new management team to run the steel business.

Commercial Metals Co.’s board issued a statement saying it would review Icahn’s offer and “determine a response that is in the best interests of the company and its stockholders,” and they have decided to reject the offer of $15 per share.

Print Friendly