Reuters: Regulatory News: UPDATE 2-Icahn not to seek CVR sale beyond go-shop period

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UPDATE 2-Icahn not to seek CVR sale beyond go-shop period Apr 23rd 2012, 12:30 Mon Apr 23, 2012 8:30am EDT * Extends tender offer through May 4 * Says under no obligation to sell CVR beyond marketing period April 23 (Reuters) - Billionaire investor Carl Icahn said if he gains control of CVR Energy, he would not look for a buyer for the company beyond a go-shop period of two months as it would disrupt the crude oil refiner's operations. Icahn, who plans to merge CVR with one of his affiliates if he ends up owning 90 percent of the company, on Monday sent amended tender documents to shareholders. The $30 per share tender offer expires on May 4 but Icahn said he may extend it. The corporate raider-turned-activist investor, who has been looking to buy CVR and then sell it off, has said he would not settle for an offer below $35 per share. Icahn's offer includes a "contingent value right" that would enable shareholders to receive additional cash if he manages to sell CVR for more than $30 per share. The billionaire said he will focus on operating CVR's business "for the benefit of its shareholders," if the marketing period ends without an offer. Analysts have said there is little likelihood of CVR finding a buyer, given recent industry consolidation and declining refining margins. The activist investor, who controls about 14.5 percent of CVR shares, needs at least 36 percent of the outstanding shares to be tendered into his offer to build a majority stake and replace seven of the company's nine directors with his nominees. CVR, which had been resisting Icahn's $2.26 billion takeover offer, came to an agreement with the investor on Thursday. Link this Share this Digg this Email Reprints

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