Carl Icahn's company, known as the 'Wolf of Wall Street', Icahn Enterprises confirmed on Friday that it plans to increase its shareholding in the refinery CVR Energy by over 20%.
Finance and Economics Intelligence App learned that, Carl Icahn's company, known as the 'Wolf of Wall Street', Icahn Enterprises (IEP.US) confirmed on Friday that it plans to increase its shareholding in the oil refiner CVR Energy (CVI.US) by over 20%. In response to this news, as of the time of writing, CVR Energy was up nearly 7% in pre-market trading on Friday.
Icahn Enterprises stated that it will make a tender offer to acquire an additional 15 million common stocks of CVR Energy at a price of $17.50 per share. The company believes that CVR Energy's stocks are undervalued, presenting an attractive investment opportunity. Data shows that Icahn Enterprises currently holds 66.3% of CVR Energy's outstanding shares.
Furthermore, Icahn Enterprises fell nearly 11% in pre-market trading on Friday. The financial report released by Icahn Enterprises showed a 7% year-on-year decrease in revenue for the third quarter to $2.79 billion; with an eps of $0.05, falling short of the market's expected $0.21. The company also announced a 50% reduction in quarterly dividend to $0.50 per share.