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CVR Energy, Inc. (CVI)

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  • May 7, 2012, 9:02 AM
    Carl Icahn wins control of CVR Energy (CVI) after at least 63% of the refiner's shares not already owned by his affiliates were tendered to his $30-a-share proposal. Icahn's extending the bid until Friday next week, and if he ends up owning over 90% of shares, he plans to merge CVR with an affiliate. Icahn may also resell CVR.
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  • May 3, 2012, 9:25 AM
    CVR Energy (CVI) isn’t giving up its fight against Carl Icahn, sending a new letter to shareholders recommending they not tender their shares to Icahn, whose $30/share tender offer expires Friday night. Icahn's support appears to have dropped off; he said he had received 28M shares at last count, short of the nearly 32M needed for the offer to be successful.
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  • Apr. 23, 2012, 8:07 AM
    Carl Icahn extends his $30/share tender offer for CVR Energy (CVI) until May 4, and says that if he gains control, he will start a 60-day marketing process to sell it. However, if Icahn can't find a buyer, he won't actively seek a sale; if he gains 90% control, he plans to merge CVR with one of his affiliates.
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  • Apr. 3, 2012, 7:59 AM
    Carl Icahn is poised to win his $2.26B battle for CVR Energy (CVI) after shareholders tendered 55% of the refiner's outstanding stock. Icahn says he's ready to pay the money "as soon as the board permits me to do so."
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  • Mar. 28, 2012, 2:28 PM
    Icahn vs. CVR: The activist investor takes a few potshots at CVR Energy's (CVI +0.8%) statement from earlier today advising shareholders to say no to his tender offer. Cutting to the chase, he notes shareholders only saw a $3.25 increase in share price over 4 years before the stock took off after he expressed an interest. He also poses the question as to why the board's chairman is selling shares if the $30 offer undervalues the company?
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  • Mar. 28, 2012, 8:25 AM
    CVR Energy (CVI) tells shareholders to reject Carl Icahn's "distracting" tender offer and rebuffs the investor's claims his actions have boosted CVR's stock price. The company also notes that Icahn hasn't made the requisite regulatory filings necessary to complete his offer.
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  • Mar. 20, 2012, 5:12 AM
    CVR Energy (CVI) rejects Carl Icahn's extended $30/share tender offer, and asks shareholders not to participate. Says CVR Energy chief Jack Lipinski: "Mr. Icahn has again gone back on his word by extending his distracting and detrimental campaign."
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  • Mar. 16, 2012, 12:58 PM
    Carl Icahn extends his tender offer for CVR Energy (CVI +0.6%) after hearing from large shareholders, according to a CNBC report. Last week the activist investor appealed directly to shareholders over his plans to sell CVR at a premium if he gains control.
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  • Mar. 9, 2012, 12:05 PM
    CVR Energy (CVI +4.4%) jumps after Carl Icahn issues an open letter blasting a recent statement made by the company regarding Icahn's $30/share tender offer as "disingenuous and misleading." Icahn says he plans to "conduct a full and open process" to sell CVR if he manages to gain control of the company, but says he will drop his bid if his offer doesn't leave him with a majority stake by March 23.
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  • Feb. 24, 2012, 1:51 PM
    CVR Energy (CVI -0.7%) says its board is reviewing Carl Icahn's takeover proposal that values the company at $2.6B and urges shareholders to take no action until the board issues its recommendation.
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  • Feb. 16, 2012, 5:56 PM
    Carl Icahn says he wants to put CVR Energy’s (CVI) refineries up for sale, and Oppenheimer thinks Marathon Petroleum (MPC) might be the best fit. MPC was sitting on $3B in cash at the end of Q4 and will see its capex fall as it completes large projects later this year. Icahn himself lists MPC along with WNR, HFC, TSO, VLO and COP as potential buyers.
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  • Feb. 16, 2012, 5:44 PM
    Just days after pushing for a sale, Carl Icahn today announced a tender offer for all outstanding shares of CVR Energy (CVI +5.8%) at $30 each, a 35% premium to the Jan. 12 close, when he first took a stake. The offer includes a "contingent value right" that would entitle shareholders to an additional payment if CVR is eventually sold for more than $30/share. (CVR response)
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  • Feb. 14, 2012, 5:43 PM
    CVR Energy (CVI +2.5%), which rallied today thanks to a statement (I, II) from Carl Icahn calling for the company to sell itself, is up 1.3% AH after Icahn discloses a 3.8M share stake in his quarterly 13F.
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  • Feb. 14, 2012, 10:13 AM
    More on Icahn/CVR (CVI +3%): Icahn says he's had a chat with CEO John Lipinski about selling the company, with the latter saying he'd discuss it with the firm's board and advisers. Icahn thinks CVR's share price doesn't reflect high refining margins, and that as it only has two refineries, "shareholders face an unfavorable risk reward ratio."
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  • Jan. 13, 2012, 12:00 PM
    Oil refiner CVR Energy (CVI +2.5%) outperforms after it's learned Carl Icahn has acquired a 3.5% stake in the company. CVR has responded to the news by issuing a brief statement in which it claims to "welcome the views of all shareholders."
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Company Description
CVR Energy Inc is a diversified holding company.The Company through its subsidiaries is engaged in the petroleum refining and nitrogen fertilizer manufacturing industries. Itsbusiness segments include petroleum and nitrogen fertilizer.