Icahn Scents Victory In Takeover Bid For Sugar Land's CVR Energy

from CVR Energy
Billionaire investor Carl Icahn says he has the support of a majority of CVR Energy shareholders for his hostile takeover bid for the oil refiner.

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.

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Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...