NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Harwood Feffer LLP
(www.hfesq.com) is investigating potential claims against the board
of directors of CVR Energy Inc. ("CVR Energy" or the "Company")
(NYSE: CVI) concerning the Company's receipt of an unsolicited
offer made by companies affiliated with Carl C. Icahn ("Icahn") proposing a transaction
valued at approximately $2.6
billion.
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On February 16, 2012, it was
announced that Icahn at made a hostile bid to acquire CVR Energy.
The bid contemplates the purchase of all of the outstanding
shares of CVR Energy common stock for $30.00 per share in cash plus a Contingent Value
Right entitling holders to an additional cash payment equal to the
amount over $30 per share for which
the Company is sold in any subsequent transaction.
Icahn publicly stated that he intends to nominate a slate for
all nine directorships on the Company's board. Moreover, if
the Company's current board puts the Company up for sale before the
initial expiration date of the Offer (expected to be on or about
March 23), Icahn reserves the right
to withdraw the Offer and proxy fight. If the Company is not
put up for sale, Icahn plans to proceed with the Offer and proxy
fight, in an effort to elect a new board that will have a mandate
to sell the Company.
Our investigation concerns whether the board of directors is
fulfilling its fiduciary duties, maximizing the value of CVR
Energy, disclosing all material benefits and costs and obtaining
full and fair consideration for CVR Energy shareholders.
If you own CVR Energy shares and wish to discuss this matter
with us, or have any questions concerning your rights and interests
with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin Sachs-Michaels
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
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