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ICAHN ENTERPRISES L.P. AND ICAHN ENTERPRISES HOLDINGS L.P. ANNOUNCE RESULTS OF TENDER OFFER FOR UP TO 17,753,322 SHARES OF COMMON STOCK OF CVR ENERGY

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Icahn Enterprises L.P. (NASDAQ: IEP) and Icahn Enterprises Holdings L.P. have announced the completion of IEH's cash tender offer for CVR Energy (NYSE: CVI) shares. The tender offer, which expired on January 8, 2025, sought to purchase up to 17,753,322 shares at $18.25 per share.

The final results showed that approximately 878,212 shares were properly tendered and not withdrawn. IEH will accept all tendered shares for payment, representing about 0.9% of CVR Energy's outstanding common stock, for a total purchase price of approximately $16 million. The depositary agent, Broadridge Corporate Issuer Solutions, , will promptly process payments for the accepted shares.

Icahn Enterprises L.P. (NASDAQ: IEP) e Icahn Enterprises Holdings L.P. hanno annunciato il completamento dell'offerta pubblica di acquisto in contante di IEH per le azioni di CVR Energy (NYSE: CVI). L'offerta pubblica, scaduta l'8 gennaio 2025, mirava ad acquistare fino a 17.753.322 azioni a $18,25 per azione.

I risultati finali hanno mostrato che circa 878.212 azioni sono state correttamente presentate e non ritirate. IEH accetterà tutte le azioni presentate per il pagamento, pari a circa 0,9% delle azioni ordinarie in circolazione di CVR Energy, per un prezzo totale di acquisto di circa $16 milioni. L'agente depositario, Broadridge Corporate Issuer Solutions, elaborerà rapidamente i pagamenti per le azioni accettate.

Icahn Enterprises L.P. (NASDAQ: IEP) e Icahn Enterprises Holdings L.P. han anunciado la finalización de la oferta pública de adquisición en efectivo de IEH para las acciones de CVR Energy (NYSE: CVI). La oferta, que expiró el 8 de enero de 2025, buscaba comprar hasta 17.753.322 acciones a $18.25 por acción.

Los resultados finales mostraron que aproximadamente 878.212 acciones fueron debidamente presentadas y no retiradas. IEH aceptará todas las acciones presentadas para el pago, representando alrededor de 0.9% de las acciones ordinarias en circulación de CVR Energy, por un precio total de compra de aproximadamente $16 millones. El agente depositario, Broadridge Corporate Issuer Solutions, procesará rápidamente los pagos de las acciones aceptadas.

아이칸 엔터프라이즈 L.P. (NASDAQ: IEP)와 아이칸 엔터프라이즈 홀딩스 L.P.가 CVR 에너지 (NYSE: CVI) 주식에 대한 IEH의 현금 청구 제안이 완료되었음을 발표했습니다. 2025년 1월 8일에 만료된 이 청구 제안은 최대 17,753,322주주당 $18.25에 구매하는 것을 목표로 했습니다.

최종 결과에 따르면 약 878,212주가 적절하게 청구되고 철회되지 않았습니다. IEH는 청구된 모든 주식을 결제받을 것이며, 이는 CVR 에너지의 유통 발행주식의 약 0.9%에 해당하며, 총 구매 가격은 약 $1600만 달러입니다. 위탁 대리인인 Broadridge Corporate Issuer Solutions은 수락된 주식에 대한 결제를 신속하게 처리할 것입니다.

Icahn Enterprises L.P. (NASDAQ: IEP) et Icahn Enterprises Holdings L.P. ont annoncé l'achèvement de l'offre de rachat en espèces d'IEH pour les actions de CVR Energy (NYSE: CVI). L'offre, qui a expiré le 8 janvier 2025, visait à acheter jusqu'à 17.753.322 actions à 18,25 $ par action.

Les résultats finaux ont montré qu'environ 878.212 actions avaient été dûment offertes et non retirées. IEH acceptera toutes les actions offertes pour paiement, représentant environ 0,9% des actions ordinaires en circulation de CVR Energy, pour un prix d'achat total d'environ 16 millions $. L'agent dépositaire, Broadridge Corporate Issuer Solutions, traitera rapidement les paiements pour les actions acceptées.

Icahn Enterprises L.P. (NASDAQ: IEP) und Icahn Enterprises Holdings L.P. haben den Abschluss des Barkaufsangebots von IEH für die Aktien von CVR Energy (NYSE: CVI) bekannt gegeben. Das Angebot, das am 8. Januar 2025 abgelaufen ist, wollte bis zu 17.753.322 Aktien zu einem Preis von 18,25 $ pro Aktie erwerben.

Die endgültigen Ergebnisse zeigten, dass etwa 878.212 Aktien ordnungsgemäß angeboten und nicht zurückgezogen wurden. IEH wird alle angeboten Aktien zur Bezahlung annehmen, was etwa 0,9% der ausstehenden Stammaktien von CVR Energy entspricht, bei einem Gesamtkaufpreis von etwa 16 Millionen $. Der Depotagent, Broadridge Corporate Issuer Solutions, wird die Zahlungen für die akzeptierten Aktien schnell bearbeiten.

Positive
  • Successfully completed tender offer for CVR Energy shares
  • $16 million acquisition of additional CVR Energy shares strengthens ownership position
Negative
  • Low tender participation rate with only 878,212 shares (4.9%) of targeted 17,753,322 shares tendered

Insights

The tender offer results reveal surprisingly low shareholder participation, with only 878,212 shares tendered out of the targeted 17.7 million shares, representing a mere 5% acceptance rate. The total purchase price of $16 million at $18.25 per share indicates shareholders likely perceived the offer price as inadequate given current market conditions.

This outcome suggests CVR Energy shareholders are confident in the company's standalone prospects, particularly considering the refining sector's robust performance. The low tender participation adds only 0.9% to IEH's existing controlling stake, falling significantly short of their intended ownership increase. For context, this tepid response often signals that shareholders believe the stock is undervalued at the offer price, especially in the current environment of strong refining margins and energy market dynamics.

The minimal success of this tender offer might prompt IEH to consider alternative strategies, including potentially launching a new tender offer at a higher price point or exploring other methods to increase their ownership stake in CVR Energy. However, the immediate financial impact on IEP is relatively modest given the small transaction size relative to their market capitalization.

SUNNY ISLES BEACH, Fla., Jan. 9, 2025 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) ("IEP") and Icahn Enterprises Holdings L.P. ("IEH") today announced the results of IEH's cash tender offer for up to 17,753,322 shares of CVR Energy, Inc.'s (NYSE: CVI) ("CVR Energy") common stock, par value $0.01 per share, at a price per share of $18.25 (the "Offer"), which expired at 5:00 p.m., New York City time, on January 8, 2025.

Based on the count by Broadridge Corporate Issuer Solutions, LLC, the depositary and paying agent for the Offer (the "Depositary and Paying Agent"), a total of approximately 878,212 shares were properly tendered and not properly withdrawn in the Offer.

IEH will accept for payment all shares properly tendered and not properly withdrawn at a price of $18.25 per share, for a total purchase price of approximately $16 million in the aggregate. The shares to be accepted for payment by IEH represent in the aggregate approximately 0.9% of CVR Energy's outstanding common stock. The Depositary and Paying Agent will promptly pay for the shares accepted for purchase by IEH.

D.F. King & Co., Inc. acted as information agent for the Offer. Any questions regarding the Offer may be directed to the information agent toll free at (866) 207-3626 or via email at CVREnergy@dfking.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO PURCHASE, OR A SOLICITATION OF AN OFFER TO SELL, ANY SECURITIES. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY.

About CVR Energy

Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewables, petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own approximately 37% of the common units of CVR Partners, LP.

About IEP and IEH

Icahn Enterprises L.P. (NASDAQ: IEP), a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Icahn Enterprises Holdings L.P. ("IEH") is a Delaware limited partnership. IEP owns a 99% limited partner interest in IEH, and each of IEP and IEH are indirectly controlled by Carl C. Icahn.

Cautionary Statement Regarding Forward‑Looking Statements

This press release may contain "forward‑looking statements" within the meaning of the federal securities laws. In this context, forward‑looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions, and variations or negatives of these words. Forward‑looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the Offer and the anticipated benefits thereof, and the terms of the related tender offer agreement. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Offer or the business of CVR Energy could differ materially from those expressed or implied by such forward‑looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward‑looking statements, including any statements regarding the expected benefits and costs of the Offer; the expected timing of the completion of the Offer; the ability of IEH to complete the Offer; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the Offer may not be timely completed, if at all; that, prior to the completion of the transaction, CVR Energy's business may not perform as expected due to transaction‑related uncertainty or other factors; and other risks that are described in CVR Energy's latest Annual Report on Form 10‑K and its other filings with the SEC. IEP and IEH do not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent necessary to amend and promptly disseminate revised information in the event that our existing disclosure regarding the Offer materially changes or as otherwise required by law or applicable rule or regulation.

Investor Contact:
Ted Papapostolou
Chief Financial Officer
IR@ielp.com 
(800) 255-2737

Cision View original content:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-and-icahn-enterprises-holdings-lp-announce-results-of-tender-offer-for-up-to-17-753-322-shares-of-common-stock-of-cvr-energy-302347616.html

SOURCE Icahn Enterprises L.P.

FAQ

How many shares were tendered in IEP's CVR Energy tender offer in January 2025?

Approximately 878,212 shares were properly tendered and not withdrawn in the tender offer.

What was the price per share offered by IEP in the CVR Energy tender offer?

IEP offered $18.25 per share in the tender offer.

What percentage of CVR Energy's outstanding stock did IEP acquire through the tender offer?

IEP acquired approximately 0.9% of CVR Energy's outstanding common stock through the tender offer.

What was the total purchase price for IEP's CVR Energy share acquisition?

The total purchase price for the tendered shares was approximately $16 million.

How many shares did IEP initially seek to purchase in the CVR Energy tender offer?

IEP initially sought to purchase up to 17,753,322 shares of CVR Energy common stock.

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