Icahn Scents Victory In Takeover Bid For Sugar Land's CVR Energy
by: Andrew Schneider, April 3, 2012 10:04:00 am
Icahn, who wants to take control of and then sell the Sugar Land company, says investors owning 55% of the company’s outstanding shares accepted his offer of $30 per share.
But Icahn cannot actually buy those shares until CVR’s board removes a “poison pill” rule that prevents the sale of the company. The board has refused to do that, arguing it can deliver a greater return for shareholders.
Icahn called on the company to move up an annual meeting to decide the issue. He extended his $30 per share tender offer for the rest of the CVR shares.