CVR Energy

  • Carl Icahn

    News

    Carl Icahn’s CVR Energy Tactics Are Already Paying Off

    When a company does something that corporate-governance activists really don’t like, like adopting a poison pill, typically they announce that “the board decided unanimously to punch you in the face for your own good.” There’s some perception that, if they’re all in it together, the directors can’t be up to anything too unsavory. Forest Labs […]

    / Aug 28, 2012 at 4:30 PM
  • Pretend there's some joke here about his hand gesture etc.

    M&A, News

    Come Back Carl Icahn! CVR Energy Still Loves You! Or Something.

    I remain fascinated by this Carl Icahn – CVR Energy situation and wanted to add two curlicues to my conspiracy theory for why he dropped his bid. First: while it’s fun to think that he may be unable to pay above $30 for a CVR merger due to let’s say imperfections in his tender offer […]

    / Aug 23, 2012 at 4:11 PM
  • Carl-Icahn-1

    M&A, News

    Why Doesn’t Carl Icahn Want CVR Energy Any More?

    Carl Icahn’s strangely halfhearted takeover of CVR Energy got even stranger and more halfhearted last night: after acquiring an 82% stake at $30 in a tender offer, and suggesting to the board that they think about selling him the rest of the company at $29, he withdrew that suggestion last night. He gets sort of […]

    / Aug 22, 2012 at 4:08 PM
  • M&A

    Carl Icahn Is Unimpressed With Goldman’s Efforts To Fight Off Carl Icahn

    And so he’s not paying them on principle, the principle being I suppose “don’t fuck with Carl Icahn”: Carl Icahn says he isn’t paying a bill from Goldman Sachs Group Inc., on principle. … “These guys were hired to keep me from buying the company at $30 and they failed,” Mr. Icahn said in an […]

    / Jun 22, 2012 at 3:57 PM
  • You want it to be one way. But it's the other way. See my hands.

    M&A, News

    Goldman Surprised To Find Carl Icahn Being Kind Of A Dick

    Sell-side M&A work is mostly a pretty good and lucrative business model but it has a few flaws. Try to spot a key one here:
    (1) you represent a target;
    (2) you spend your days fighting tooth and nail with the buyer to try to make them pay more and give up optionality, and generally to get more of the benefits of the deal for the target than for the buyer;
    (3) then the buyer acquires the target, fires all the directors and officers, changes the locks, and replaces the stationery;
    (4) then you get paid.

    Did you spot the problem? Carl Icahn did:

    / Jun 21, 2012 at 5:30 PM
  • M&A, News

    CVR Energy Shareholders Surprised To Find Carl Icahn Acting Like A Corporate Raider

    If you want to buy a company you can do it in one of two ways: you can negotiate a merger with the board, put it to a shareholder vote, and if you get above 50% then all the other shareholders are basically forced into the deal and you pay the merger price. Or you […]

    / Jun 7, 2012 at 12:51 PM

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