CVR Energy Inc. (NYSE: CVI) is up today on more news regarding Carl Icahn and his buyout or sale ambitions for this outfit. The billionaire corporate raider and financier has the company in his sights and the news may be somewhat expected. Icahn filed with the SEC calling for a sale process of the entire company. Icahn’s claim is that he believes allowing potential buyers could generate up to $37.00 per share for investors. The current market cap its $2.46 billion for this refining and marketing outfit for transportation fuels. Icahn spoke earlier this week on CNBC regarding a potential deal as well. The claims of ‘speaking tp’ as well as ‘value’ might not be as clear to special situation investors. While earnings are not expected to grow here, the stock does trade at less than 10-times earnings and it also trades at less than 10-times expected earnings. After the Icahn news of the filing, shares are up 6.2% at $29.33 in active trading.
Icahn Going After CVR Even Harder (CVI)
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Jon C. Ogg
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Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.
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