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Carl Icahn Pulls Offer to Buy CVR Energy
Posted by: Dheeraj Grover (IP Logged)
Date: August 22, 2012 03:14PM
Billionaire activist investor Carl Icahn pulled his offer to buy oil refiner CVR Energy (CVI) on Tuesday after earlier winning a $2.6 billion takeover battle for the company.
In a letter to CVR Energy Icahn Enterprises said it does not think the proposed transaction is feasible any longer, citing market conditions.
"At the time we made our original offer on August 6th to take CVR Energy private, we stated that we were willing to pay $29.00 per share but in no event would we consider paying more than $30 per share," the letter said.
"Since then a number of market conditions have changed, including a significant widening of crack spreads."
Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash.
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