CVR Energy Urges Rejection Of Icahn Tender Offer

Law360, New York (March 1, 2012, 5:23 PM EST) -- 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...
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