The bid undervalues the metals recycler and is "opportunistic," said Commercial Metals' lead director Anthony Massaro in a press statement Monday. Icahn had set a deadline of Monday for Commercial Metals to respond to his proposal. "CMC has taken meaningful steps to improve long-term financial and operational performance, and the Board firmly believes that the continued pursuit of our strategy will deliver greater value for our stockholders than Mr. Icahn's proposal," the company said. Shares of Commercial Metals closed Friday at $13.90. Dollar General ( DG ), the discount retailer, earned 50 cents a share in the third quarter on revenue of $3.6 billion. Analysts were expecting profit of 47 cents a share on revenue of $3.57 billion. Entergy ( ETR ) sad Monday it plans to divest and merge its electric transmission business with ITC Holdings ( ITC ). Entergy is to get $1.78 billion under the deal, which is expected to close in 2013.