Activist investor Carl Icahn has given up on his proxy fight regarding Commercial Metals Company (NYSE:CMC). The tender offer for at least 40.1% of the outstanding common stock at $15.00 per share has expired. He stated, “We did not receive 40.1% of the shares, and therefore,
as  previously  disclosed,  we  will  discontinue  our  proxy  fight.” Icahn further stated, “Since we commenced our proxy fight and launched our  tender  offer,  the  Company has made a number of promises to shareholders, which shareholders appear to believe will be beneficial to the stock. We respect the  views  of  the shareholders and hopefully their decision not to tender will prove  to  be  the  right  one.” Shares fell today to $13.88 per share.

Full SEC disclosure document: http://sec.gov/Archives/edgar/data/22444/000092166912000030/cmcdfan14a011112.txt

Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.

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