Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

CVR Energy Adopts Stockholder Rights Plan

RELATED NEWS
Trade CVI now with 

CVR Energy Inc. (CVI: Quote) Friday said its Board adopted a Stockholder Rights Plan, designed to allow the Board adequate time to consider any and all alternatives that are presented. The rights initially would trade with the company's common shares, and would only become exercisable if a person or group acquires beneficial ownership in the company of 15 percent or more of its common stock in a transaction not approved by CVR Energy's Board of Directors.

Any person or group holding existing positions of 15 percent or more at the time of the announcement of the Rights Plan would be grandfathered and exempt from the Rights Plan.

However, any additional acquisitions of common shares (other than pursuant to a dividend or distribution paid or made by the company or pursuant to a stock split or reclassification) by such person or group would cause the rights to become exercisable.

The Rights Plan will expire on December 31, 2012, and may be redeemed at any time by the Board of Directors prior to that date.

In a filing, Icahn Enterprises L.P. (IEP) had disclosed the acquisition of 12.6 million shares of CVR Energy, representing about 14.54 percent of the outstanding shares.

Earlier Friday, in a statement on investment by Carl Icahn, CVR Energy's Chief Executive Officer Jack Lipinski, said," We appreciate Mr. Icahn's interest in CVR Energy and his shared view that the company is a valuable investment opportunity. We welcome the views of all of our shareholders and routinely consider their thoughts on business and strategy as we pursue our common goal of increasing shareholder value."

CVI closed Friday's regular trade at $23.05, up $0.80 or 3.60%, on the NYSE. In the after-hours, the stock gained $0.70 or 3.04%.

Register
To receive FREE breaking news email alerts for CVR Energy Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.