Icahn Boosts Clorox Offer to $10.7 Billion After Rejection

Carl Icahn raised his offer for Clorox Co. to $80 a share, valuing the maker of the namesake bleach at about $10.7 billion, after his earlier bid was rejected.

Icahn Enterprises LP and affiliates will put $5.2 billion, including their Clorox shares, in escrow to demonstrate the credibility of the offer, Icahn said today in a filing. Clorox rejected his earlier bid this week, saying it undervalued the company and financing wasn’t certain. Clorox said today in a statement it will review the higher proposal “in due course.”