Owner of Wynnewood refinery submits to Icahn tender offer
The oil refinery in Wynnewood seems poised to change hands for the second time in a year.
Owner CVR Energy Inc. on Thursday announced it is signed a transaction agreement with activist investor Carl Icahn, who has offered to buy the majority of the Sugar Land, Texas-based company for $30 a share.
CVR Energy’s board had resisted Icahn’s takeover efforts but relented after shareholders recently indicated their willingness to accept Icahn’s tender offer.
The board is not recommending that shareholders accept Icahn’s price because it believes the company’s long-term value exceeds $30 a share, according to the company’s announcement.
“I am gratified that CVR’s board of directors has decided to let the owners of the company decide for themselves whether to accept our offer. I’ve believed all along that our offer is a “win-win” for shareholders and thank all shareholders, that have tendered, for their support,” said Icahn in a regulatory filing on Thursday, according to Forbes.
CVR Energy acquired the Wynnewood refinery last fall from Denver-based Gary-Williams Energy Corp.
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