CVR allows Icahn to move forward with tender offer

[April 19, 2012]  SUGAR LAND, Texas (AP) -- Oil refiner CVR Energy Inc. has signed a deal with billionaire investor Carl Icahn that would allow him to complete his $30 per share tender offer.

Icahn said earlier this month that investors owning 55 percent of the company's shares outstanding had accepted his bid, but he couldn't actually buy the stock until CVR's board removed a "poison pill" rule preventing a sale of the company.

Icahn wants to take control of CVR and then sell the Sugar Land, Texas, company. He is offering $2.26 billion for the shares he doesn't already own, valuing CVR at about $2.6 billion.

CVR says Thursday that it initiated talks with Icahn because of the support investors had shown for his bid, but it still believes CVR is worth more than $30 per share.

[Associated Press]

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