Clorox officials made clear this afternoon that they'd rather have activist investor Carl Icahn go away.
Icahn on Friday made an unsolicited bid to buy Clorox for more than $10 billion. But Icahn also acknowledged that the offer was designed mostly to spur other bidders to step in and to encourage Clorox to shop itself around.
Today, Clorox issued a statement that Icahn's offer of $76.50 per share "substantially undervalues the company."
“Our board has unanimously determined Mr. Icahn’s unsolicited proposal is neither credible nor adequate,” said Lead Director Gary Michael.
Clorox's board "regularly evaluates opportunities given the dynamic nature of the company’s industry and remains open to considering any credible plan to create significant stockholder value."
Clorox shares, which surged on Friday after news of Icahn's offer, fell 2 percent today to close at $73.04.
Clorox owns a wide range of brands, including its namesake bleach, Glad trash bags and Britta water filters. It also owns Burt's Bees, the Durham-based company that sells lip balms, lotions and other products made mostly from natural ingredients.