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Icahn buys 14.5 percent stake in CVR Energy
January 14, 2012 / 12:30 AM / 6 years ago

Icahn buys 14.5 percent stake in CVR Energy

(Reuters) - Billionaire investor Carl Icahn and his affiliates have picked up a 14.5 percent stake in CVR Energy Inc (CVI.N), saying the shares were undervalued.

This makes Icahn and his affiliates the largest shareholders in the refining company, according to Thomson Reuters data.

Later in the evening, Sugar Land, Texas-based CVR said its board has adopted a Stockholder Rights Plan, also known as poison pill, set to trigger at 15 percent ownership.

The purchase price of the shares and call options was about $144.7 million, Icahn said in a filing with U.S. Securities Exchange Commission.

The activist investor may initiate dialogue with the Texas-based refining company to discuss its business and strategic alternatives.

Shares of the company closed at $23.05 on Friday on the New York Stock Exchange.

Reporting by Durba Ghosh in Bangalore; Editing by Supriya Kurane and Bob Burgdorfer

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