Icahn's $2.6B Offer For CVR Wins Shareholder Approval

Law360, New York (May 7, 2012, 1:09 PM EDT) -- Carl Icahn has succeeded in taking over Houston-based CVR Energy Inc. after a majority of shareholders backed his $2.6 billion takeover offer valuing the company at $30 per share, the private fund investor said Monday.

Icahn said that more than 48 million common shares of CVR were tendered in response to his offer, roughly 63 percent of all outstanding shares of the Texas oil and gas company. Once the purchase of shares closes Monday, the Icahn group will own 69 percent of CVR.

The shareholder response...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.