CVR Energy Urges Rejection Of Icahn Tender Offer

Law360, New York (March 01, 2012, 5:23 PM ET) -- Texas oil and gas company CVR Energy Inc. on Thursday urged shareholders to reject a $30-a-share tender offer from billionaire activist investor Carl Icahn, saying the hostile takeover bid undervalues the company and is stacked in Icahn's favor.

In a letter to stakeholders, CVR said that Icahn's Feb. 14 offer "substantially undervalues CVR Energy, is replete with conditions and 'outs,' is structurally flawed and provides opportunities for abuse of CVR Energy’s stockholders."

Icahn had been agitating for the Sugar Land, Texas-based company to sell itself, claiming...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required