Temple-Inland (NYSE:TIN) has asked its shareholders to reject the $3.3 billion hostile bid from International Paper (NYSE:IP), saying it undervalues the company’s assets. The offer, which International Paper took directly to Temple shareholders after its friendly, unsolicited bid was rejected last month, valued the paper company at $30.60 a share. Shareholders have yet to make a decision, but International Paper has the “poison pill” option, which would allow the company to increase its total share count at a discount in order to ward off a potential takeover.
Spreadtrum (NASDAQ:SPRD), a Chinese wireless chipmaker, will acquire Telegent, a maker of broadcast TV receiver chips for mobile phones. Mobile TV is popular in Japan and South Korea, and the service is separate from one’s 3G data plan, so it doesn’t incur expensive charges. Spreadtrum is hoping to gain traction in the Chinese market.
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Clorox (NYSE:CLX) has rejected Carl Icahn’s $10.2 billion takeover bid, which valued the company’s stock at $76.50 a share. Clorox said they would be open to a a sale if presented with a “credible” offer, by which they mean one in which they are valued significantly higher than in Icahn’s offer. Clorox has implemented a shareholder rights plan, or “poison pill”, to discourage acceptance of the offer. Don’t Miss: Clorox Should Be Scared: Here’s Carl Icahn’s 7 Worst Investments.