Reuters: Regulatory News: UPDATE 1-Icahn extends CVR Energy tender offer

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UPDATE 1-Icahn extends CVR Energy tender offer Apr 23rd 2012, 11:21 April 23 | Mon Apr 23, 2012 7:21am EDT April 23 (Reuters) - Billionaire investor Carl Icahn, who is a step closer to buying crude refiner CVR Energy, extended his tender offer through May 4 and said he would not actively seek a sale of the company if a buyer is not found within a go-shop period. Icahn - who has been seeking to buy CVR and then sell it - said he will start a 60-day marketing process if he gains control of the company. "Once the marketing period ends, the offeror (Icahn) will be under no obligation to attempt to sell the company and does not currently intend to actively seek to do so," Icahn said in a regulatory filing. The activist investor is looking for at least 36 percent of CVR shares to be tendered in his $30 per share offer to build a majority stake and replace seven of the company's nine directors with his nominees. Icahn, who plans to merge CVR with one of his affiliates if he ends up owning 90 percent of the company, may extend the tender offer. CVR, which had been resisting Icahn's $2.26 billion takeover offer, came to an agreement with the investor on Thursday. Icahn's bid for CVR also includes a "contingent value right" that would enable shareholders to receive additional cash if he manages to sell the company for more than $30 per share.

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