CVR Energy gains after shareholder Icahn Enterprises offers to raise stake

Icahn Enterprises LP

08/11/2024 12:18

** Shares of CVR Energy  CVI.N  rise 3% to $17.04 premarket
    ** Carl Icahn's investment company Icahn Enterprises 
 IEP.O  proposes to acquire additional shares of CVI common
stock in a tender offer
    ** The Wall Street Journal first reported the news on
Thursday
    ** IEP offers to acquire 15 million additional shares at
purchase price of $17.50 per share; ~6% premium to stock's last
close
    ** IEP currently owns 66.3% of CVI's outstanding shares and
if offer were to be fully or over-subscribed, IEP would own
81.3% of CVI's outstanding shares
    ** As of last close, CVI stock was down 45% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))