Press release from Business Wire
Rigrodsky & Long, P.A. Investigates Offer To Purchase Shares Of CVI Energy, Inc.
Thursday, February 16, 2012
WILMINGTON, Del. (Business Wire) -- Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of CVI Energy, Inc. (“CVI” or the “Company”) (NYSE: CVI) concerning possible breaches of fiduciary duty and other violations of law related to the Company's receipt of an unsolicited offer made by companies affiliated with Carl C. Icahn (“Icahn”) to purchase all of the outstanding shares of CVI for approximately $30 per share in cash, plus a Contingent Value Right (the “Offer”).
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The investigation concerns whether the board of directors of CVI are acting in the shareholders' best interests in connection with the Offer, including their recent decision to adopt a “poison pill” takeover defense in connection with Icahn's prior admonitions that the Company be sold.
The Offer contemplates the purchase of all of the outstanding shares of common stock of CVI for $30.00 per share in cash plus a Contingent Value Right which will entitle holders to an additional payment, in cash, equal to the value that the Company is sold for in excess of $30 per share in a subsequent transaction. Moreover, Icahn stated his intent to nominate a slate for all nine directorships on the Company's board. Icahn also announced that 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), then he reserves the right to withdraw the Offer and proxy fight. If the Company is not put up for sale, Icahn announced that he will proceed with the Offer and proxy fight, in an effort to elect a new board that will have a mandate to sell the Company.
If you own the common stock of CVI and purchased your shares before February 16, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Scott J. Farrell, Esquire or toll free at (888) 969-4242 or (516) 683-3516 or by e-mail to email@example.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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Rigrodsky & Long, P.A.
Scott J. Farrell, Esquire