Reuters – Icahn Wins CVR Battle

(Reuters) – Carl Icahn won control of oil refiner CVR Energy Inc. on Monday as shareholders backed his $2.6 billion takeover, ending a three-month long tussle with the company’s board.

Icahn said at least 63 percent of CVR’s shares had been tendered to his $30-a-share offer.

With the purchase of these shares, which will occur on Monday, the Icahn group will own about 69 percent of CVR’s outstanding shares, Icahn said in a statement.

The activist-investor can now replace seven of the company’s nine directors with his nominees as planned.

Icahn, who wants to resell CVR, said he will extend the offer to May 18. He plans to merge CVR with one of his affiliates, if he ends up owning 90 percent of the company.

CVR, which had been resisting the hostile bid, scrapped a shareholder rights plan, or poison pill, last month after 55 percent of the company’s shares were tendered to Icahn’s initial offer that lapsed on April 2.