Clorox is another stock with an upside buyout catalyst. This producer of household cleaning products, and grocery and specialty food products received an unsolicited offer on July 14, 2011, from activist investor Carl C. Icahn, who already owns some 10% of the stock. He proposed to buy Clorox for $76.50 a share. Clorox's board of directors responded that Icahn was undervaluing the stock as it rejected the offer. On Jul. 20, Icahn sweetened his offer, to $80 a share. Icahn has made no bones about welcoming a competing bid from others. So far, management remains disinterested in accepting Icahn's hostile bid.