(Corrects description of contingent right in fourth paragraph of story published March 16.)
Carl Icahn extended his $30-a-share offer for CVR Energy Inc. (CVI:US) after attracting less than 1 percent of the oil refiner’s shares.
The deadline for holders of 36 percent of stock in the Houston-based company to tender and not withdraw their shares will be 5 p.m. April 2, almost two weeks later than a deadline announced March 9, Icahn said today in a statement.
About 17,387 shares had been tendered as of midnight yesterday, according to the statement. CVR has about 86.8 million shares outstanding.
Icahn announced his intention last month to offer $30 a share, a proposal that values the company at at least $2.6 billion, according to Bloomberg calculations. CVR holders will have a right to an additional amount if the company is sold. Icahn Associates Corp. owns 12.6 million shares, a 14.5 percent stake.
Icahn today extended the “contingent value right” to share profit he makes on any resale that’s agreed upon within 15 months from April 2. The previous window for holders to share in his profit was nine months from March 23.
CVR rose 1 percent to $27.07 at the close in New York. The shares have gained 22 percent since Icahn’s stake in the company was disclosed.
CVR’s board has twice rejected the takeover.
“His offer is simply his vehicle to put his employees and friends on the board of CVR Energy at an inadequate price,” the company said in an e-mailed statement March 9.
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