 |
| CLICK HERE TO VIEW CURRENT ISSUE |
 |
| Best of NAMA 2025 |
|
 |
|
ICAHN ACQUIRES MAJORITY INTEREST IN CVR ENERGY
May 7, 2012
Houston Business Journal reports:
Activist investor Carl Icahn has won his bid for Sugar Land, TX, CVR Energy Inc.
A majority of shareholders have agreed to his $30-per-share offer, which values the company at $2.6 billion, Bloomberg reports. Icahn will own 69 percent of the company's shares once the deal is complete.
Icahn has planned to resell CVR Energy about 60 days after acquiring it, Bloomberg reports. Shareholders could get as much as $7 more per share if he can sell the company. However, Icahn recently indicated he would not actively seek a sale of the company if a buyer is not found after a 60-day marketing process.
CVR Energy signed a deal with Icahn April 19 allowing him to complete his $30 per share tender offer. Although CVR Energy's board said it believed that the company is worth more than Icahn's offer, it said it would leave the sale decision to its shareholders.
|
|
|
|
|
