CVR Energy Uses Wachtell to Reach Agreement with Carl Icahn
The management of CVR Energy has managed to reach an agreement with corporate raider Carl Icahn. The company will not use the ‘poison pill' option, in effect clearing the way for a potential $2.26 billion bid.
Carl Icahn is already the company's largest shareholder because of his purchase of 14.5 percent of the company's stake done through his affiliates in January. The firm's management and its lawyers from Wachtell started taking anti-takeover measures. If Icahn is successful in taking over the firm, he has said that he then plans to put it up for sale.