AP reported that billionaire investor Mr Carl Icahn on Friday gave the board of Commercial Metals Co until Monday to set up a meeting to discuss his proposal to buy the scrap metal processor.

Mr Icahn said in an open letter to Commercial Metals' board that if his company does not hear from them by 9 AM ET on Monday we intend to take matters into our own hands.

He did not further elaborate.

A Commercial Metals spokeswoman said the company had no comment on Icahn's letter.

Icahn, who already owns almost 10% of Commercial Metals, on Monday offered to buy the company for about USD 1.73 billion. His offer of $15 per share represented a 31% premium over the company's closing stock price the day before the offer became public.

(Sourced from AP)