Activist Investor Carl Icahn disclosed that on July 14, he sent a letter to Donald Knauss, CEO of Clorox (NYSE:CLX) with a proposal to acquire all of the issued and outstanding shares not owned for $76.50 per share net in cash. Icahn also disclosed that his affiliates have obtained a highly confident letter from Jefferies regarding its ability to provide financing for the proposed transaction. Icahn said that if the Clorox publicly announces by July 29, 2011 acceptance of the offer and provides financing sources with due diligence, it will pay Clorox a $100M payment for its time and effort should the deal fail to close. Further, Icahn encouraged Clorox to hold an "open and friendly" go-shop sale process where "all the synergistic buyers are offered due diligence and invited to bid." Icahn notes he is Clorox’s largest shareholder in the letter. Shares of Clorox are trading up over 11% to $76.10 in Pre-market trade on the news.Clorox is currently above its 200-day moving average (MA) of $66.60 and should find resistance at its 50-day MA of $68.50. In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has remained constant.