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
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
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.