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Carl Icahn: “This is Absurd”

Carl Icahn seems to be agitated by CMC board. Earlier today we shared Carl Icahn’s letter to the board of CMC.  Here is his latest letter to the board:

Hedge Fund Strategies

Board of Directors
Commercial Metals Company
6565 North MacArthur Boulevard, Suite 800
Irving, Texas 75039

Ladies and Gentlemen:

We have seen your press release “Commercial Metals Company to Review Unsolicited
Letter From Carl Icahn” issued earlier today. You stated in your press release
that: “The Company noted that Icahn’s letter did not constitute a formal offer
and, as such, stockholders do not need to take any action.” This is absurd and
in-keeping with the confused decisions and statements that this management team
and Board have made over the past 3 to 4 years. We have no idea why the Board
would want to misconstrue what was obviously a formal offer?

We do not want any confusion or misinformation, so let’s reiterate what should
have already been clear. The offer we delivered to the Board earlier today is,
in all respects and without any doubt, a formal all cash offer to acquire the
Company. In fact, we will repeat our offer in order to eliminate the Board’s
confusion. Here it is again:

Icahn Enterprises (which currently has, on a consolidated basis, $22.4
billion of assets, including in excess of $13 billion in liquid assets,
which are cash and marketable securities) hereby proposes to purchase the
Company in a merger transaction at $15 per share without any financing or
due diligence conditions.

Given the obvious market interest in your securities, as evidenced by today’s
heavy trading volumes, it is incumbent on the Board to respond to our offer as
soon as possible.

Carl C. Icahn

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