Core Viewpoint - Icahn Enterprises L.P. has proposed a tender offer to acquire additional shares of CVR Energy, Inc. at a premium, believing the shares are undervalued and presenting an attractive investment opportunity for shareholders [2][3]. Group 1: Tender Offer Details - Icahn Enterprises Holdings L.P. plans to acquire up to 15 million additional shares of CVR common stock at a price of $17.50 per share, representing a premium of approximately 6% over CVR's closing price on November 7, 2024 [2]. - The proposed purchase price also reflects a premium of about 5% to the volume-weighted average price of CVR's common stock over the last 7 trading days [2]. - The tender offer will not be subject to a minimum tender condition, allowing for the acquisition of all properly tendered shares up to the Maximum Tender Amount [3]. Group 2: Ownership and Future Expectations - Icahn Enterprises currently owns 66,692,381 shares of CVR, or 66.3% of the outstanding shares, and if the tender offer is fully subscribed, it would own 81,692,381 shares, or 81.3% [3]. - A special committee of independent directors at CVR is expected to review the proposal and make a recommendation to shareholders [3]. Group 3: Company Background - Icahn Enterprises L.P. is a diversified holding company involved in various sectors including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [5].
Icahn Enterprises L.P. announces proposed tender offer to acquire additional shares of CVR Energy common stock