NEW YORK CITY - Icahn Enterprises L.P. (NASDAQ: NASDAQ:IEP) and Icahn Enterprises Holdings L.P. (IEH) have announced the extension of their cash tender offer for shares of CVR Energy, Inc. (NYSE: CVI). The offer, which involves the acquisition of up to 17,753,322 shares at $18.25 each, was originally set to expire just after midnight on Monday but will now remain open until 5:00 p.m. on Wednesday, January 8, 2025. The tender offer price represents a slight premium to CVI's current trading price of $18.07, with InvestingPro data showing the stock has declined over 27% in the past six months.
As of 6:00 p.m. on Monday, approximately 960,479 CVR Energy shares had been tendered, including 700,244 shares tendered by guaranteed delivery. The extension allows shareholders additional time to consider the offer, which remains unchanged in all other respects. The companies have stated they do not plan to further extend the offer period, increase the offer price, or modify any other terms. According to InvestingPro analysis, CVI currently offers a notable 19.37% dividend yield and has maintained dividend payments for 12 consecutive years, factors shareholders might consider in their decision-making process.
The tender offer is detailed in the Offer to Purchase, dated December 6, 2024, and related materials filed with the Securities and Exchange Commission (SEC) and distributed to CVR Energy stockholders. Broadridge Corporate Issuer Solutions, LLC serves as the depositary and paying agent for the offer.
Neither CVR Energy nor its Special Committee - Strategic of its Board, nor IEP, IEH, their affiliates, the information agent, nor the depositary and paying agent are advising stockholders on whether to tender their shares. Stockholders must independently assess and decide on their participation in the offer. For investors seeking deeper insights, InvestingPro offers comprehensive analysis including Fair Value estimates and 8+ additional ProTips to help inform investment decisions.
Information regarding the offer can be obtained from D.F. King & Co., Inc., the Information Agent for the offer, or from the SEC's website, where CVR Energy's public filings are also available.
This news is based on a press release statement and does not constitute an offer to purchase or a solicitation of an offer to sell any securities. The offer is made solely through the Offer to Purchase, Letter of Transmittal, and related materials.
In other recent news, CVR Energy Inc (NYSE:CVI). 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%. A special committee of independent directors has been established by CVR Energy's board to review the offer.
On the financial front, CVR Energy reported a consolidated net loss of $122 million in the third quarter of 2024, equating to a loss per share of $1.24. The loss was attributed to unplanned downtime in its refining operations and challenging market conditions. As a response, the company suspended its quarterly dividend and initiated cost-cutting measures.
In the meantime, Mizuho (NYSE:MFG) Securities has adjusted its outlook on CVR Energy, reducing its price target while maintaining a neutral rating. This adjustment was primarily due to weak refining margins and an anticipated major maintenance turnaround at the Coffeyville refinery. These are the recent developments reflecting the dynamic nature of CVR Energy's operations.
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