SUGAR LAND, Texas, July 26, 2012 /PRNewswire/ -- CVR Energy, Inc.
("CVR") (NYSE: CVI), a refiner and marketer of petroleum fuels and
a majority owner of CVR Partners, LP (NYSE: UAN), a nitrogen
fertilizer producer, today announced that the previously disclosed
60-day sale process to solicit acquisition proposals from third
parties to acquire the stock and assets of CVR as an entirety ended
on July 23, 2012, without the receipt
of a bona fide offer.
(Logo: http://photos.prnewswire.com/prnh/20071203/CVRLOGO)
Jefferies & Company, Inc., CVR's financial adviser,
contacted over 30 potential bidders, including independent refining
companies and private equity firms, of which four signed
confidentiality agreements. CVR received one indication of
interest, which CVR and Jefferies did not believe to be
credible. CVR did not incur any fees or expenses during the
60-day period in connection with the sales process.
As announced at the time of its tender offer for CVR shares
Icahn Enterprises L.P. (Nasdaq: IEP), the owner of approximately 82
percent of CVR, does not currently intend to seek to sell
CVR. Icahn Enterprises intends to focus on operating CVR's
business for the benefit of its stockholders because it believes
that continual shopping of CVR could be disruptive to its
operations.
Mr. Icahn stated at the time he completed his tender offer for
CVR shares, that in order to reach a peaceful conclusion he agreed
with the company to engage an investment banker to seek to sell the
company at a price higher than the tender price, although at the
time he stated that he did not believe such an offer would be
forthcoming. Mr. Icahn also stated that he is quite happy
with the current performance of the company and believes fully in
its future success.
About CVR Energy, Inc.
Headquartered in Sugar Land,
Texas, CVR Energy, Inc.'s subsidiary and affiliated
businesses operate independent refining assets in Coffeyville, Kan. and Wynnewood, Okla. with more than 185,000
barrels per day of processing capacity, a marketing network for
supplying high value transportation fuels to customers through
tanker trucks and pipeline terminals, and a crude oil gathering
system serving Kansas,
Oklahoma, western Missouri, southwestern Nebraska and Texas. In addition, CVR
Energy subsidiaries own a majority interest in and serve as the
general partner of CVR Partners, LP, a producer of ammonia and urea
ammonium nitrate, or UAN, fertilizers.
Forward Looking Statements
This new release may contain forward-looking statements. You can
generally identify forward-looking statements by our use of
forward-looking terminology such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "explore," "evaluate,"
"intend," "may," "might," "plan," "potential," "predict," "seek,"
"should," or "will," or the negative thereof or other variations
thereon or comparable terminology. These forward-looking statements
are only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control. These risks
and uncertainties may include, but are not limited to, the risk
factors and other disclosures included in our Annual Report on Form
10-K for the year ended Dec. 31,
2011, and any subsequently filed quarterly reports on Form
10-Q. These risks may cause our actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Given these risks and uncertainties,
you are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this news release are made only as of the date hereof.
For further information, please contact:
Investor Relations:
Jay Finks
CVR Energy, Inc.
281-207-3588
InvestorRelations@CVREnergy.com
Media Relations:
Angie Dasbach
CVR Energy, Inc.
913-982-0482
MediaRelations@CVREnergy.com
SOURCE CVR Energy, Inc.