Source: Investing Published 07/01/2025, 03:21
New York – Icahn Enterprises, L.P. (NASDAQ: IEP) and Icahn Enterprises Holdings, L.P. (IEH) announced the extension of their cash purchase offer for CVR Energy, Inc. (NYSE: CVI). The offer includes the acquisition of up to 17,753,322 shares at $18.25 per share. The offer scheduled expiration just after midnight on Monday.
but now it will remain open until 5:00 p.m. on Wednesday, January 8, 2025. The purchase offer price represents a slight premium to CVI’s current trading price of $18.07, as InvestingPro data shows the stock has fallen more than 27% over the past six months.
As of 6:00 p.m. Monday, approximately 960,479 shares of CVR Energy stock were on offer, including 700,244 shares offered with guaranteed delivery. The extension allows shareholders additional time to consider the offer, which remains unchanged in all other respects. The companies have stated that they do not plan to extend the offer period any further, increase the offer price, or modify any other terms.
According to InvestingPro’s analysis, CVI currently offers a notable dividend yield of 19.37% and has paid dividends for 12 consecutive years, factors that shareholders may consider when making their decisions. The Offer to Purchase, dated December 6, 2024, details the offer to purchase, and CVR Energy distributed related materials to shareholders and filed them with the Securities and Exchange Commission (SEC). Broadridge Corporate Issuer Solutions, LLC is acting as the filing and paying agent for the offer.
Neither CVR Energy nor its Special Committee – Strategy of its Board of Directors, nor IEP, nor IEH, nor its affiliates, nor the information agent, nor the depositary and paying agent advise shareholders on whether to offer their shares. Shareholders should independently evaluate and decide whether to participate in the offering. For investors seeking deeper insights, InvestingPro provides a comprehensive analysis including fair value estimates and over 8 additional professional tips to help guide investment decisions.
Information regarding the offering can be obtained from D.F. King & Co., Inc., the information agent for the offering, or from the SEC website.
where CVR Energy’s public filings are also available.
This news is based on a press release and does not constitute an offer to purchase or a solicitation of an offer to sell any securities. The offering is being made only through the offer to purchase, the letter of transmittal and related materials.
In other recent news, CVR Energy Inc. has been in the spotlight due to significant developments. The company disclosed a non-binding proposal from Icahn Enterprises L.P. (IEP) to purchase up to 15 million shares of its common stock at a price of $17.50 per share. This move could increase IEP’s ownership in CVR Energy to approximately 81.3%. CVR Energy’s board of directors formed a special committee of independent directors to review the offer.
On the financial front, CVR Energy reported a consolidated net loss of $122 million in the third quarter of 2024, equivalent to a loss of $1.24 per share. The loss was attributed to an unplanned refining shutdown and challenging market conditions. In response, the company suspended its quarterly dividend and began implementing cost-cutting measures.
Meanwhile, Mizuho Securities revised its outlook on CVR Energy, lowering its price target while maintaining a neutral rating. This revision was primarily due to weak refining margins and the anticipated major maintenance at the Coffeyville refinery. These are recent developments that reflect the dynamic nature of CVR Energy’s operations.
