CVR Drops Poison Pill Blocking $2.6B Icahn Buyout

Law360, New York (April 19, 2012, 2:31 PM EDT) -- CVR Energy Inc. on Thursday ended a bitter, monthslong battle over activist investor Carl C. Icahn’s $2.6 billion hostile takeover attempt, announcing it has dropped a poison pill blocking the deal and agreed to let Icahn’s $30 per share offer proceed.

CVR's board is still advising shareholders not to tender into the offer, but directors say they have secured better protections for CVR stockholders should they go for the buyout, according to a statement CVR issued Thursday.

Icahn touted the agreement as a “win-win” in a...
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