* Says now entitled to 69 pct of CVR's shares
* Offer extended to May 18
May 7 Carl Icahn won control of oil refiner CVR
Energy Inc as shareholders backed his $2.6 billion
takeover, ending a three-month long tussle with the company's
At least 63 percent of CVR's shares not already owned by his
affiliates had been tendered to his $30-a-share offer, the
activist investor said on Monday.
With the purchase of these shares, which will occur later in
the day, the Icahn group will own about 69 percent of CVR's
outstanding shares, Icahn said in a statement. Icahn already
owned 14.5 percent of CVR's shares.
Seven members of CVR's nine-member board will now be
replaced with Icahn's nominees, the statement said.
Icahn, who wants to resell CVR, said he would extend the
offer to May 18. He plans to merge CVR with one of his
affiliates if he ends up owning 90 percent of the company.
CVR, which had been resisting the hostile bid, scrapped a
shareholder rights plan, or poison pill, last month after 55
percent of the company's shares were tendered to Icahn's initial
offer that lapsed on April 2.
CVR shares have risen about 30 percent since Icahn disclosed
his stake in the company on Jan. 13. The stock, which closed at
$30.05 on Friday on the New York Stock Exchange, has traded
marginally above the $30-offer price for the last two weeks.
CVR owns refineries in Coffeyville, Kansas, and Wynnewood,
It also owns and operates a crude oil gathering system with
a capacity of about 38,000 barrels per day serving Kansas,
Oklahoma, western Missouri and southwestern Nebraska, and holds
a majority stake in fertilizer producer CVR Partners LP.
The offer for CVR includes a contingent value right that
would give shareholders additional cash if Icahn manages to sell
the company for more than $30 per share. Icahn had said he would
not settle for a bid below $35 per share.