CVR should be put up for sale, says Icahn
Billionaire investor Carl Icahn, who recently bought over 10 percent of CVR Energy Inc., told CVR Chairman, CEO and President Jack Lipinski Feb. 13 that CVR shareholders would be better served if CVR put itself up for sale. CVR, in addition to a refinery at Coffeyville, Kan., owns control of CVR Partners LP, an adjacent nitrogen plant.
Icahn told Lipinski that it is his belief that there are three or four possible acquirers that could benefit from the synergies that could be realized from a combination with CVR, and that they are better able to hedge in the refinery business.
According to Securities and Exchange Commission filings, Lipinski said he would take the suggestions under advisement and discuss them with his board of directors.
Icahn has until this Friday, Feb. 17, to make proposals and nominate directors for the 2012 CVR shareholder meeting.