(CHICAGO) -- Investor Carl Icahn tried to play up Clorox Co. on Friday by valuing the company at over $10 billion.
Icahn offered $76.50 per share of the company -- a 12 percent premium on Thursday's closing market price.
The billionaire wrote in a letter to the Clorox CEO Donald Knauss that the company could get better bids from rivals.
Despite Icahn's bold move, shares rose to $73.90, still $2.50 below the bid price.
Copyright 2011 ABC News Radio