CVR Energy sale off for now, Icahn to run business

[July 27, 2012]  SUGAR LAND, Texas (AP) -- Billionaire investor Carl Icahn says there were no decent bids to buy fuel and fertilizer company CVR Energy, so he will run the company and believes in its future.

Icahn owns about 82 percent of Texas-based CVR and is chairman of its board. He bought a majority stake in May and took control. As part of that deal, Icahn agreed to seek bids from other companies.

But CVR says in a statement that it got only one bid, which wasn't credible. Icahn says he has no current plans to sell CVR. A 60-day window for other companies to make offers expired Monday.

The company hired Jefferies & Co. to seek bids of at least $35 per share.

Shares of CVR Energy rose a penny to $27.66 in morning trading.

[Associated Press]

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