Icahn Enterprises launches public bid to boost stake in CVR Energy

Icahn Enterprises LP

06/12/2024 14:49

Dec 6 (Reuters) - Billionaire activist Carl Icahn's
investment firm Icahn Enterprises  IEP.O  unveiled a slightly
sweetened public bid on Friday to boost its stake in refiner CVR
Energy  CVI.N  to 84%.
    CVR Energy shares rose nearly 4% in early morning trade.
    Icahn Enterprises, which currently owns 66.3% of CVR shares,
said it has commenced a cash tender offer to buy roughly 17.8
million additional shares in the refining firm at $18.25 per
share.
    The purchase price represents a slight discount to CVR's
last close but is more than the offer Icahn Enterprises made
last month to buy 15 million additional shares in the
Texas-based refiner for $17.50 to increase its stake to 81.3%.
    CVR Energy did not immediately respond to a request for
comment.
    The mildly enhanced offer comes at a time when refining
margins have slumped, driven by sluggish demand and an expansion
in global refining capacity.
    CVR Energy operates a 115,000-barrel-per-day (bpd)
Coffeyville refinery in Kansas and a 75,000-bpd Wynnewood
facility in Oklahoma.

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