Icahn Enterprises commences tender offer for 17.75M CVR Energy shares

Icahn Enterprises (IEP) and Icahn Enterprises Holdings L.P. announced the commencement of a cash tender offer for up to 17,753,322 shares of CVR Energy’s (CVI) common stock at a price per share of $18.25, representing a premium of approximately 10.5% to the closing price of $16.52 per share on November 7, the last full trading day completed prior to the receipt and public disclosure of a letter IEP sent to the CVR Energy Board of Directors proposing a potential tender offer. IEH is the beneficial owner of approximately 66% of the outstanding shares of CVR Energy common stock and, if the tender offer is fully or over-subscribed, would become the beneficial owner of approximately 84% of the outstanding shares of CVR Energy common stock. The tender offer is scheduled to expire at one minute after 11:59 P.M., New York City time, on January 6, 2025, unless the offer is extended.