CVR Energy Holds Talks With Icahn


CVR Energy Inc., which has been opposing Carl Icahn‘s $2.26 billion bid to buy the crude oil refiner, said it had held discussions with the billionaire investor regarding his offer and proxy fight, Reuters reported Friday. However, no confidential information was provided to Icahn, CVR said in a filing with the Securities and Exchange Commission.

(Reuters) – CVR Energy Inc, which has been opposing Carl Icahn’s $2.26 billion bid to buy the crude oil refiner, said it had held discussions with the billionaire investor regarding his offer and proxy fight.

 

However, no confidential information was provided to Icahn, CVR said in a filing with the Securities and Exchange Commission.

 

About 55 percent of CVR’s outstanding shares have been tendered into Icahn’s $30-a-share offer.

 

Icahn, CVR’s top shareholder with a 14.5 percent stake, is now pressing forward with a proxy fight to place nine directors on the company’s board.

 

CVR has downplayed the results of the tender offer, noting that Icahn cannot purchase any more shares because of a poison pill it adopted that prevents the activist investor from raising his stake.

 

CVR shares, which have gained 23 percent of their value since Icahn unveiled his stake in January, closed at $28.38 on Thursday on the New York Stock Exchange.

Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.