it looks good, but i couldn't resist the flip with such an entry on the day. i'll be watching it though. i think the holders will get their $30 in time. peace
SUGAR LAND, Texas, May 24, 2012 /PRNewswire via COMTEX/ -- CVR Energy, Inc. ("CVR"), a refiner and marketer of petroleum fuels and a majority owner of CVR Partners and a nitrogen fertilizer producer, today announced that it has engaged Jefferies & Company, Inc. to conduct the previously disclosed sale process agreed to by the previous CVR Board of Directors and certain affiliates of Carl Icahn to solicit acquisition proposals from third parties to acquire CVR. The 60-day process will begin today and end on July 23, 2012. Icahn Enterprises L.P. /quotes/zigman/7652409/quotes/nls/iep IEP +1.67% , the owner of approximately 80 percent of CVR, has agreed to support any bona fide offer made during the 60-day sale process to acquire the stock or assets of CVR, as an entirety, for all-cash consideration, that results in each stockholder receiving a net amount that is equal to or exceeds $35 per share and is otherwise on terms and conditions reasonably acceptable to Icahn Enterprises. Icahn Enterprises may, but is not obligated to, accept offers that result in net consideration below $35 per share. Icahn Enterprises is not committed to supporting any cash or non-cash offer after the 60-day sale process. But in any event, if a definitive agreement for the sale of CVR at more than $30 per share is executed on or prior to August 18, 2013 and such transaction closes, holders of the contingent value rights that were issued in connection with the recently expired tender offer by Icahn Enterprises will receive the difference between $30 and the price per share at which CVR is sold. As previously disclosed, CVR and Icahn Enterprises and its affiliates have attempted to find buyers for CVR without success. While Icahn Enterprises believes that prospective purchasers of CVR may be found during the 60-day sale process, no assurances can be given that any offers will be forthcoming or that a transaction will be completed during the 60-day process or during the subsequent 13 months. If that is the case, the contingent value rights will expire worthless. Once the 60-day sale process ends, Icahn Enterprises will be under no obligation to attempt to sell CVR and does not currently intend to actively seek to do so. If the 60-day sale process ends without an offer for CVR being accepted, Icahn Enterprises currently intends to focus on operating CVR's business for the benefit of its shareholders because Icahn Enterprises believes that continual shopping of CVR could be disruptive to its operations. It is possible that a sale of CVR, or all or substantially all of its assets, will not occur. Further, it is possible that CVR may sell assets that constitute less than all or substantially all of the assets, in which case holders of contingent value rights will not become entitled to any payments. However, no partial sales of assets will take place during the 60-day sale process. Promptly following the end of the 60-day sale process, if CVR has not been sold and such information has not previously been disclosed, Icahn Enterprises or CVR will issue a news release or otherwise provide to holders of the contingent value rights a notice describing the results of the efforts in attempting to sell CVR (including the number of indications of interest received, the number of bona fide offers that resulted from such indications of interest, and a brief description of the reasons why such offers were not accepted) and the aggregate amount of fees and expenses incurred during such period with respect to those efforts. Otherwise, neither Icahn Enterprises nor CVR will be commenting on the sale process, except as may be required by applicable law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy, Inc.'s subsidiary and affiliated businesses operate independent refining assets in Coffeyville, Kan. and Wynnewood, Okla. with more than 185,000 barrels per day of processing capacity, a marketing network for supplying high value transportation fuels to customers through tanker trucks and pipeline terminals, and a crude oil gathering system serving Kansas, Oklahoma, western Missouri, southwestern Nebraska and Texas. In addition, CVR Energy subsidiaries own a majority interest in and serve as the general partner of CVR Partners, LP, a producer of ammonia and urea ammonium nitrate, or UAN, fertilizers. http://www.marketwatch.com/story/cvr-energy-provides-update-on-sale-process-2012-05-24
Been reading on Icahn and seeing how he is behaving on CHK seems quite likely that he would not force a cashout of CVI at less than $30 as it would hurt his reputation. If he were to take control of 90% then force a short-form merger at less than $30 he would have this taint in his record of not being fair to shareholders during and after tenders, something that you can see in his letters he cares about Future companies that have hostile takeovers would be able to say 'he did a tender there and the people who didn't took it, he just punished them, don't tender because he is not fair to shareholders. Cashed them out at less than $30, while cashing others at $30 and trying to sell for $35+' He doesn't strike me as a man who punishes shareholders at all, just the opposite
Icahn is still buying Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Thursday, May 24, 2012 http://www.thestreet.com/story/11554015/1/insiders-trading-cvi-fb-furx-blk.html?cm_ven=GOOGLEN
Well, i know when you've built a stake that reach the 5% threshold you have 10 days to disclose your holding according to the 13D rule; a good example was CHK last week. But I have no id about updated holding... http://www.ft.com/intl/cms/s/0/4b03...l#axzz1wMocoCiA
I've sold my shares for now. I expected Icahn to buy big the stock last week, he didn't buy it. I was thinking about this a while ago and I realized why the tiny 650K purchase he made last week After the tender he owned a tiny bit over 80%, through stock options and stock based compensation the company(He is not a big fan of those but he will probably use at least some of that) could dilute his stake to under 79.9% at which point he would not be able to consolidate CVI to IEP's balance sheet and CVI net income would not flow through IEP's earnings. So what he did was buy some amount to get close to 81% and not have issues with that Also now I realize that he is not likely to try to merge the company during the 60 day process that is also trying to sell it, it might not make sense Still, the stock is probably cheap due his involvement and the new board. But I'm quite bearish on equities right now and expect some kind of recession so I'm looking to buy it in the future
Well, Icahn keeps on buying http://www.thestreet.com/story/1156...rx-arun.html?puc=TSMKTWATCH&cm_ven=TSMKTWATCH Were those 1million shares bought on May30 or 29th only ?
It was bought on May 25 http://www.sec.gov/Archives/edgar/data/1376139/000110465912040807/xslF345X03/a4.xml Looks like he is back at buying. I might get back in the stock