November 29, 2011 6:30 PM
Sidley Advising Commercial Metals on $1.73 Billion Bid By Icahn
Posted by Brian Baxter
The Commercial Metals Company (CMC) has hired Sidley Austin to advise it on a $1.73 billion takeover offer by activist investor Carl Icahn, who wants to merge the Iving, Texas–based company with his own metals business.
CMC, a metal products producer and scrap metal recycler, said in a statement that its board of directors is reviewing Icahn’s offer. The company also noted that the board includes four new members appointed as part of a planned leadership transition that is now under way. In addition to retaining Sidley Austin, CMC said it has hired Goldman Sachs to advise the company on its options.
A Sidley spokeswoman was not immediately able to provide the names of the lawyers from the firm working on the matter.
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