CVR Energy Announces Expiration of Contingent Cash Payment Rights
SUGAR LAND, Texas, Aug. 19, 2013 /PRNewswire/ -- CVR Energy, Inc. (the "Company") (NYSE: CVI) today announced the expiration of the contingent cash payment rights ("CCPs") issued in connection with the May 2012 acquisition of a controlling interest in the Company by certain affiliates of Icahn Enterprises L.P. (collectively, "IEP") (NASDAQ: IEP).
In May 2012, following the close of a tender offer, IEP obtained control of the Company and currently owns approximately 82 percent of the Company's common stock. The terms of the tender offer included payment of $30 per share plus one CCP, representing the contractual right to receive an additional cash payment if the Company was sold at a price exceeding $30 per share on or before Aug. 18, 2013, and such transaction closed. There has been no sale of the Company, and the rights associated with the CCPs have now expired. Except for the previously announced 60-day sales process that expired in July 2012 without the receipt of a bona fide offer, IEP has not been actively attempting to sell the Company, and no fees or expenses have been incurred through Aug. 18, 2013.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in two limited partnerships, CVR Refining, LP and CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own a majority of the common units representing limited partner interests of CVR Refining and CVR Partners.
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