ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

CVI CVR Energy Inc

26.67
0.00 (0.00%)
Pre Market
Last Updated: 12:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
CVR Energy Inc NYSE:CVI NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 26.67 0 12:00:00

Icahn Withdraws Offer to Take CVR Energy Private

21/08/2012 11:00pm

Dow Jones News


CVR Energy (NYSE:CVI)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more CVR Energy Charts.

Activist investor Carl Icahn withdrew his offer to buy the remaining shares of petroleum company CVR Energy Inc. (CVI), ending his bid to take the company private, according to a Securities and Exchange Commission filing.

Shares sank 2% after hours to $28.95, though the stock as of Tuesday's close was up 58% so far this year.

Mr. Icahn had offered to pay from about $29 to $30 per remaining share, but, in a letter to the company's board, said he was pulling the offer since "a number of market conditions have changed," including significantly widening of crack spreads.

Mr. Icahn earlier this year bought an 80% stake of the Sugarland, Texas, company at $30 a share with plans to immediately resell the entire business for at least $35 a share. Despite hefty refining margins at the company's Midwestern plants in the past few quarters, analysts predicted that the price tag would attract few buyers.

The company, which operates refineries in Oklahoma and Kansas, recently failed to identify an acquirer and said Mr. Icahn no longer intended to sell the company.

This month, CVR said its second-quarter profit rose 24%, as the company's revenue increased more than expected.

Write to Ben Fox Rubin at ben.rubin@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


1 Year CVR Energy Chart

1 Year CVR Energy Chart

1 Month CVR Energy Chart

1 Month CVR Energy Chart

Your Recent History

Delayed Upgrade Clock