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