Kimberly-Clark's CEO doesn't expect his company to pursue Clorox, despite Carl Icahn calling upon the company to do so.

Two weeks ago, known company raider Carl Icahn put a bid on Clorox but encouraged other companies, including Kimberly-Clark, to also consider buying the company.

Kimberly-Clark's CEO Tim Falk addressed Icahn's move in a conference call on Monday.

"Our plan, as we've said to many investors, doesn't call for big transformational M&A," Falk said. "And so I don't think any of the announcements related to Clorox change that point of view, and we would consider Clorox to be a well-managed company."

Some analysts determined that Icahn might be trying to just bump up the price through competition before selling his shares-a classic "pump and dump" strategy.

In his bid letter to Clorox shareholders, he claimed that a competitor with an infrastructure already in place could be a better fit. In addition to Kimberly-Clark, he named Johnson & Johnson, Procter & Gamble, and Colgate-Palmolive.

"We understand that we are a financial buyer that lacks inherent synergies and therefore strongly suggest that the Board aggressively pursue a transaction with a strategic buyer, which should attract a higher price," Icahn said.

But Falk thought Clorox's current ways didn't leave any obvious steps to financial improvement.

"So as we look at it, it's hard to see how you come in and do a whole lot better job of it," he said.

Kimberly-Clark, the maker of Kleenex tissues and Huggies diapers, saw second quarter earnings drop 18 percent. The company saw many of its products' costs go up, but Falk expects the company to still be able to meet its earning per shares guidance range through cost-cutting measures.