Clorox Cleans Up As Icahn Offers $10.2B For The Company (CLX, AMLN, BIIB, MMI, REGN, CL, KMB, PG)

Shares of Clorox (CLX), the maker of its namesake bleach and the Hidden Valley salad dressing brand, are soaring 7% after billionaire investor Carl Icahn offered to acquire the consumer products giant for $10.2 billion. Icahn’s offer values California-based Clorox at $76.50 a share, or a 12% premium to where the stock closed on Thursday. Including debt, Ichan is offering $12.6 billion for Clorox.

Icahn’s Icahn Associates owns Clorox stock and other equities. At the end of the first quarter, Icahn’s firm also held equity investments in Amylin Pharmaceuticals (AMLN), Biogen Idec (BIIB), Motorola Mobility (MMI) and Regeneron Pharmaceuticals (REGN), among others.

Icahn has pushed Clorox’s management team to seek buyout offers from rivals such as Colgate-Palmolive (CL), Kimberly-Clark (KMB) and Dow component Procter & Gamble (PG), Bloomberg News reported, reasoning that those companies could push Clorox brands into international markets on a larger scale. Icahn’s offer for Clorox is the biggest for a consumer staples company in the U.S. in five years, Bloomberg reported.

Higher commodities costs prompted Clorox to pare its 2012 profit outlook in May. The company also makes the Burt’s Bees skin care products and Kingsford charcoal. Clorox has about $5.2 billion in annual sales.

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Tags: AMLN, BIIB, CL, CLX, KMB, MMI, PG, REGN