The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Harwood Feffer LLP Announces Investigation of CVR Energy Inc.

Friday, February 17, 2012

Harwood Feffer LLP Announces Investigation of CVR Energy Inc.16:36 EST Friday, February 17, 2012NEW 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.  (Logo:  http://photos.prnewswire.com/prnh/20120215/MM54604LOGO )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-MichaelsHarwood Feffer LLP488 Madison AvenueNew York, New York 10022Phone Numbers: (877) 935-7400                          (212) 935-7400Email:  bsachsmichaels@hfesq.comWebsite:  http://www.hfesq.comHarwood 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.Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.SOURCE Harwood Feffer LLP