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
Rhea-AI Summary
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The final results showed that approximately 878,212 shares were properly tendered and not withdrawn.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.
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
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
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.
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(the "Depositary and Paying Agent"), a total of approximately 878,212 shares were properly tendered and not properly withdrawn in the Offer.
IEH will accept for payment all shares properly tendered and not properly withdrawn at a price of
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
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
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
View original content:SOURCE Icahn Enterprises L.P.
FAQ
How many shares were tendered in IEP's CVR Energy tender offer in January 2025?
What was the price per share offered by IEP in the CVR Energy tender offer?
What percentage of CVR Energy's outstanding stock did IEP acquire through the tender offer?
What was the total purchase price for IEP's CVR Energy share acquisition?
How many shares did IEP initially seek to purchase in the CVR Energy tender offer?
