Commercial Metals Falling 7% after Icahn's Tender Expires

Shares of Commercial Metals CMC were under much pressure in Wednesday's pre-market session after Icahn's tender offer for the company expired. Commercial Metal's tender offer for all outstanding shares of common stock of Commercial Metals for $15.00 per share in cash expired at midnight, Tuesday, January 10 , 2012. Approximately 23% of the shares were tendered. No shares were purchased, and all shares previously tendered and not withdrawn will be promptly returned. Mr. Icahn stated: "We did not receive 40.1% of the shares, and therefore, as previously disclosed, we will discontinue our proxy fight." Mr. 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." Currently, shares of Commercial Metals have rebounded off pre-market lows, down 4% at $14.11.