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Icahn is planning to increase his stake in CVR Energy (CVI.US), saying the stock is undervalued.
Generated by AI AgentMarket Intel
Friday, Nov 8, 2024 8:40 am ET1min read
Carl Icahn's company Icahn Enterprises (IEP.US) confirmed on Friday that it plans to increase its stake in CVR Energy (CVI.US) by more than 20%. Shares of CVR Energy rose nearly 7% before the market opened on Friday.
Icahn Enterprises said it would launch a tender offer to acquire an additional 15 million shares of CVR Energy common stock at $17.50 per share. The company believes CVR Energy's stock is undervalued and presents an attractive investment opportunity. Data shows that Icahn Enterprises currently owns 66.3% of CVR Energy's outstanding shares.
Moreover, Icahn Enterprises fell nearly 11% before the market opened on Friday. The company's earnings report showed that its third-quarter revenue declined 7% year-on-year to $2.79 billion; its earnings per share were $0.05, lower than the market's expectation of $0.21. The company also announced a 50% cut in its quarterly dividend to $0.50 per share.
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