Houston, 21 August (Argus) — Billionaire investor Carl Icahn has withdrawn an offer to take US midcontinent independent refiner CVR Energy private, citing expectations the stock will climb above his purchase price.
Icahn had made a $29/share offer on 6 August to take the company private, and said he would not pay above $30/share. Widening crack spreads and other changing market conditions had since made the offer untenable, he said in a letter to the board.
“We no longer think that the proposed transaction is feasible at this time and we hereby withdraw it,” Icahn said.
The investor wrested control of the company last spring with plans to sell the business to a larger refiner, but abandoned those plans without a buyer earlier this summer.
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