CVR Energy Announces End Of 60-day Sale Process
SUGAR LAND, Texas, July 26, 2012 /PRNewswire/ -- CVR Energy, Inc. ("CVR") (NYSE: CVI), a refiner and marketer of petroleum fuels and a majority owner of CVR Partners, LP (NYSE: UAN), a nitrogen fertilizer producer, today announced that the previously disclosed 60-day sale process to solicit acquisition proposals from third parties to acquire the stock and assets of CVR as an entirety ended on July 23, 2012, without the receipt of a bona fide offer.
Jefferies & Company, Inc., CVR's financial adviser, contacted over 30 potential bidders, including independent refining companies and private equity firms, of which four signed confidentiality agreements. CVR received one indication of interest, which CVR and Jefferies did not believe to be credible. CVR did not incur any fees or expenses during the 60-day period in connection with the sales process.
As announced at the time of its tender offer for CVR shares Icahn Enterprises L.P. (Nasdaq: IEP), the owner of approximately 82 percent of CVR, does not currently intend to seek to sell CVR. Icahn Enterprises intends to focus on operating CVR's business for the benefit of its stockholders because it believes that continual shopping of CVR could be disruptive to its operations.
Mr. Icahn stated at the time he completed his tender offer for CVR shares, that in order to reach a peaceful conclusion he agreed with the company to engage an investment banker to seek to sell the company at a price higher than the tender price, although at the time he stated that he did not believe such an offer would be forthcoming. Mr. Icahn also stated that he is quite happy with the current performance of the company and believes fully in its future success.
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.
Forward Looking Statements
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