Icahn Enterprises' Latest Tender Offer Looks to Boost Its Stake in CVR Energy

Dow Jones12-06

By Denny Jacob

Carl Icahn's investment firm continues to eye opportunities to increase its stake in CVR Energy.

Icahn Enterprises commenced a cash tender offer for up to 17.8 million shares of CVR Energy's common stock at price of $18.25 a share. The latest offer would boost its stake in the small refiner to about 84% of its outstanding shares from its current position of about 66% if the tender offer is fully or over-subscribed.

Icahn Enterprises is offering a nearly 11% premium over CVR's closing share price of $16.52 on Nov. 7.

The tender offer is scheduled to expire near midnight on Jan. 6 unless extended.

IEP in November proposed boosting its stake by more than 20% in CVR. The firm at the time offered to boost its holdings to more than 81% by buying up to 15 million additional shares, The Wall Street Journal reported.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 06, 2024 09:36 ET (14:36 GMT)

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