Icahn inks deal on CVR Energy tender offer

Associated Press Published: May 1, 2012
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NEW YORK (AP) — Billionaire investor Carl Icahn has signed an agreement with CVR Energy Inc. that allows him to complete his tender offer for the oil refiner's stock at $30 per share in cash.

Icahn wants to take control of CVR and then sell the Sugar Land, Texas, company.

He is offering $2.26 billion for the shares he doesn't already own, valuing CVR at about $2.6 billion. He needs at least 36 percent of CVR's outstanding shares to take over the company. If he doesn't receive them, he'll terminate his offer.

The billionaire said last month that investors owning 55 percent of CVR's shares outstanding had accepted his bid.

CVR's board has said that it believes the company is worth more than Icahn is offering, but decided to leave the decision in the hands of its shareholders.

The tender offer is scheduled to end on Friday.

CVR Energy shares fell 29 cents to $30.16 in trading Tuesday.