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   Icahn Enterprises LP (New York, NY), led by investor Carl Icahn, is making a bid to enter the metals recycling industry through a proposed cash offer of $15 per share for Commercial Metals Co. (Irving, TX), putting the transaction at a value of $1.73 billion based on Commercial Metals’ 115.5 million shares outstanding. In a release on November 28, Commercial Metals said that it has seen Icahn’s “open letter released to the press” announcing the proposed offer and will review the letter to determine a course of action that is in the best interest of the company and its shareholders. The company noted, however, that the letter does not constitute a formal offer, so shareholders “do not need to take any action.” Icahn has indicated that he disagrees, noting that “it is incumbent on the board to respond to our offer as soon as possible.”