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CVR Rejects $2.6 Billion Bid, Says Icahn ‘Undervalues’

CVR Energy Inc. rejected an unsolicited offer from billionaire investor Carl Icahn, saying it “substantially undervalues the company.”

The bid by CVR’s largest shareholder “contains an extraordinarily long list of conditions that provide Mr. Icahn with maximum flexibility to avoid closing the offer,” the Sugar Land, Texas-based refining company said in a statement today.

Icahn on Feb. 16 announced his intention to offer $30 a share plus give CVR holders a right for an additional payment if the company is sold, an amount he estimated at $7 a share.

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