The US metal recycling company Commercial Metals Co (CMC) have recently announced that they have rejected a buyout offer from billionaire investor Carl Icahn. Mr Icahn had offered $1.73 billion for the company, however CMC claimed that the offer was opportunistic and severely undervalued the company.

CMC lead director Anthony Massaro commented “The CMC Board believes that Mr Icahn’s proposal substantially undervalues the Company and is an opportunistic attempt – at a time when we are at a low point in the economic and industry cycle – to transfer the future value of CMC from its stockholders to Carl Icahn.

“It’s important that our stockholders understand that Mr. Icahn is making an aggressive push to acquire the Company at this time in an attempt to achieve a bargain basement price for CMC.”