Stock Track | Icahn Enterprises Slashes Dividend to Fund Increased Stake in CVR Energy

Stock Track11-10

Icahn Enterprises (IEP) announced a significant move to boost its ownership stake in CVR Energy (CVI), a renewable fuels and petroleum refining company. The key details are:

1. IEP plans to launch a tender offer to acquire up to 15 million additional shares of CVI common stock at $17.50 per share. This offer price represents a 6% premium over CVI's closing price on November 7, 2024, and a 5% premium over the average price of CVI stock over the last 7 trading days.

2. IEP currently owns 66.3% of CVI's outstanding common stock. If the proposed tender offer is fully or over-subscribed, IEP would increase its beneficial ownership in CVI to 81.3%.

3. To fund this investment in CVI and maintain cash reserves for other opportunities, IEP has decided to slash its quarterly distribution from $1.00 per depositary unit to $0.50 per depositary unit.

4. In the third quarter of 2024, IEP reported net income attributable to the company of $22 million, an improvement of $28 million over the prior-year quarter. However, adjusted EBITDA attributable to IEP declined to $183 million from $243 million in Q3 2023.

5. IEP's indicative net asset value decreased by $423 million compared to June 30, 2024, mainly due to a $249 million decline in the value of CVI, a $193 million decrease in Automotive Services, and a $113 million distribution to unitholders. This was partially offset by a $192 million gain in the investment funds.

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