Icahn Enterprises L.P. announces proposed tender offer to acquire additional shares of CVR Energy common stock
Icahn Enterprises (IEP) has proposed a tender offer to acquire up to 15 million additional shares of CVR Energy common stock at $17.50 per share. The offer represents a 6% premium to CVR's November 7 closing price and a 5% premium to the 7-day volume-weighted average price. IEP currently owns 66.3% of CVR's outstanding shares and would increase its ownership to 81.3% if the tender offer is fully subscribed. The offer will not be subject to minimum tender conditions, and IEP expects a special committee of independent CVR directors to evaluate the proposal.
Icahn Enterprises (IEP) ha proposto un'offerta pubblica di acquisto per acquisire fino a 15 milioni di azioni aggiuntive di azioni ordinarie di CVR Energy a 17,50 dollari per azione. L'offerta rappresenta un premio del 6% rispetto al prezzo di chiusura del 7 novembre di CVR e un premio del 5% rispetto al prezzo medio ponderato per volume degli ultimi 7 giorni. IEP attualmente possiede il 66,3% delle azioni in circolazione di CVR e aumenterebbe la sua partecipazione all'81,3% se l'offerta fosse interamente sottoscritta. L'offerta non sarà soggetta a condizioni minime di adesione e IEP si aspetta che un comitato speciale di direttori indipendenti di CVR valuti la proposta.
Icahn Enterprises (IEP) ha propuesto una oferta pública de adquisición para adquirir hasta 15 millones de acciones adicionales de acciones ordinarias de CVR Energy a 17,50 dólares por acción. La oferta representa una prima del 6% sobre el precio de cierre del 7 de noviembre de CVR y una prima del 5% sobre el precio promedio ponderado por volumen de los últimos 7 días. IEP actualmente posee el 66,3% de las acciones en circulación de CVR y aumentaría su participación al 81,3% si la oferta se suscribe en su totalidad. La oferta no estará sujeta a condiciones mínimas de aceptación y IEP espera que un comité especial de directores independientes de CVR evalúe la propuesta.
아이칸 엔터프라이즈 (IEP)는 CVR 에너지 일반주식 1500만 추가 주식을 주당 $17.50에 인수하기 위한 공개 매수 제안을 했습니다. 이 제안은 CVR의 11월 7일 종가에 비해 6%의 프리미엄을 나타내며, 7일간의 거래량 가중 평균 가격에 비해 5%의 프리미엄을 나타냅니다. IEP는 현재 CVR의 유통 주식의 66.3%를 소유하고 있으며, 공개 매수가 전부 구독될 경우 소유 비율을 81.3%로 늘릴 수 있습니다. 이 제안은 최소 매수 조건에 구속되지 않으며, IEP는 CVR 독립 이사들로 구성된 특별 위원회가 이 제안을 평가할 것으로 기대하고 있습니다.
Icahn Enterprises (IEP) a proposé une offre publique d'achat pour acquérir jusqu'à 15 millions d'actions supplémentaires de l'action ordinaire de CVR Energy à un prix de 17,50 dollars par action. L'offre représente une prime de 6% par rapport au cours de clôture de CVR du 7 novembre et une prime de 5% par rapport au prix moyen pondéré par volume des 7 derniers jours. IEP détient actuellement 66,3% des actions en circulation de CVR et augmenterait sa participation à 81,3% si l'offre était entièrement souscrite. L'offre ne sera pas soumise à des conditions minimales d'acceptation, et IEP s'attend à ce qu'un comité spécial de directeurs indépendants de CVR évalue la proposition.
Icahn Enterprises (IEP) hat ein öffentliches Übernahmeangebot vorgeschlagen, um bis zu 15 Millionen zusätzliche Aktien von CVR Energy-Allgemeinaktien zu einem Preis von 17,50 Dollar pro Aktie zu erwerben. Das Angebot stellt eine Prämie von 6% gegenüber dem Schlusskurs von CVR am 7. November dar und eine Prämie von 5% gegenüber dem volumengewichteten Durchschnittspreis der letzten 7 Tage. IEP besitzt derzeit 66,3% der ausstehenden Aktien von CVR und würde seinen Anteil auf 81,3% erhöhen, wenn das Übernahmeangebot vollständig gezeichnet wird. Das Angebot unterliegt keinen Mindestannahmebedingungen, und IEP erwartet, dass ein spezieller Ausschuss unabhängiger CVR-Direktoren den Vorschlag bewertet.
- Premium offer price of $17.50 per share, representing 6% above market price
- No minimum tender condition, providing flexibility for shareholders
- Potential increase in IEP's strategic control from 66.3% to 81.3% ownership
- Proposed tender offer could reduce CVR's public float and stock liquidity
- Premium offered is relatively modest at 6% above market price
Insights
The proposed tender offer by Icahn Enterprises for up to 15 million shares of CVR Energy at
IEP's current
The transaction structure includes key protective elements for minority shareholders, notably the formation of a special committee of independent directors to evaluate the offer. The absence of a minimum tender condition provides flexibility for shareholders. The commitment to implement additional contractual protections post-completion demonstrates awareness of minority shareholder interests.
The regulatory filing requirements and SEC oversight add transparency to the process. Shareholders will receive detailed information through Schedule TO and 14D-9 filings, enabling informed decision-making. This structured approach aligns with best practices in controlled-company transactions.
IEP proposed that Icahn Enterprises Holdings L.P. ("IEH") (or a subsidiary thereof) would commence a tender offer to acquire up to 15 million additional shares (the "Maximum Tender Amount") of common stock, par value
IEP's proposal contemplates that IEH (or a subsidiary thereof) would acquire all shares of CVR common stock properly tendered in the tender offer up to the Maximum Tender Amount, and that the tender offer will not be subject to a minimum tender condition. Furthermore, IEP is willing to agree with CVI to certain contractual provisions for the benefit of CVR's public stockholders following completion of the tender offer. It is IEP's expectation that a special committee of independent directors of CVR will consider our proposal and such other terms, and to make a recommendation to CVR's stockholders or determine to remain neutral with respect to the tender offer. IEP currently beneficially owns, directly and indirectly, 66,692,381, or
Additional Information
The tender offer described in this press release has not yet commenced. This press release is provided for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities. At the time the tender offer is commenced, IEP and IEH and one or more subsidiaries intend to file with the Securities and Exchange Commission (the "SEC") and deliver to CVR stockholders a Tender Offer Statement on Schedule TO containing an offer to purchase, a form of letter of transmittal and other documents relating to the tender offer, and CVR will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Investors and stockholders are urged to read those documents and other relevant documents filed or to be filed with the SEC carefully when they become available as they will contain important information about IEP, CVR, the tender offer and related matters. Those documents as well as IEP's and CVR's other public filings with the SEC may be obtained without charge at the SEC's website at www.sec.gov and on IEP's and CVR's respective websites.
Icahn Enterprises L.P.
Icahn Enterprises L.P., 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.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, including statements regarding IEP's plans, objectives, expectations and intentions relating to the tender offer, the tender offer's expected contributions to IEP's results, financing and closing of the acquisition, as well as the expected timing and benefits of the acquisition, may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on IEP's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which IEP and CVR operate. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, including market conditions, discussions with CVR and its board of directors, and financing the tender offer, and the actual outcome may be materially different. IEP's assumptions, although considered reasonable by us at the date of this press release, may prove to be inaccurate and consequently actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors, which could occur, see IEP's filings with the Securities and Exchange Commission including IEP's Annual Report on Form 10-K and its quarterly reports on Form 10-Q under the caption "Risk Factors," as well as the Tender Offer Statement on Schedule TO if and when it becomes available. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
Investor Contact:
Ted Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
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SOURCE Icahn Enterprises L.P.
FAQ
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