Refiners are weak and there is an excess of supply" added Palacios who notes that Valero and Western Refining are both levered with net debt to capital ratios in excess of 20%, making them unlikely to have the finances for a deal.CVR Energy's owns refineries in Kansas and Oklahoma that can process a combined 185,000 barrels a day.If no refining acquirers emerged and shareholders were to see little economic value in Icahn's contingent value right, then the bid could flop in a similar fashion to his supersized Clorox offer, which was called "flimsy" by company management. * CVR ENERGY REPORTS 2018 FIRST QUARTER RESULTS AND ANNOUNCES CASH DIVIDEND OF 50 CENTS* CVR ENERGY INC SAYS CFO SUSAN BALL AGREED TO MOVE EFFECTIVE DATE OF RESIGNATION TO FOLLOW CO'S FILING QUARTERLY REPORTS ON FORM 10-Q FOR MARCH QUARTERPresident, Chief Executive Officer, Director* TRACY JACKSON HAS BEEN NAMED EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICERExecutive Vice President, Chief Commercial OfficerChief Financial Officer, Executive Vice President* CVR PARTNERS LP - TRACY JACKSON HAS BEEN APPOINTED TO SERVE AS CFO OF CVR ENERGY - SEC FILING Source text: (https://bit.ly/2rf3diI) Further company coverage:Investors have built up a large short position in investor Carl Icahn’s oil refining company, CVR Energy <CVI.N>, in the past three months, according to Reuters data, as evidence mounts that the company’s gamble on the biofuels market is going sour.Carl Icahn-backed U.S. oil refiner CVR Energy Inc said on Tuesday it was evaluating potential strategic alternatives, including a sale of the company, sending its shares up 3.7% after the bell.CVR Energy Inc is looking to convert certain units in its refineries to renewable diesel production to reduce its exposure to the cost of renewable fuel credits (RINs), the company said on Thursday. CVR Energy's sale of business for the trailing twelve months (TTM) ended in Mar. Fund performance data provided by Lipper. Those gains followed a near 30% 2011 gain as the company's profits and revenue climbed.of a $1.73 billion takeover bid for scram metals giant"The timing for a sale of CVR Energy post Icahn is unclear and potential buyers are also unclear," says Maxim Group analyst Eliecer Palacios. He also nominated a slate of nine hostile directors for the company's board to remove the poison pill that CVR Energy enacted when Icahn announced his large share position earlier in the year.. For more on energy stocks, see theThat's because after taking a 14.5% stake in CVR Energy, Icahn may be holding out a flimsy takeover bid for the refining and nitrogen fertilizer company to drum up non-existent bidding interest from a competitor. * CVR Energy Inc - Jack Lipinski, chief executive officer and president, will retire on Dec. 31, 2017* CVR ENERGY REPORTS 2017 FOURTH QUARTER AND FULL YEAR RESULTS AND ANNOUNCES CASH DIVIDEND OF 50 CENTSCvr Energy Prices $1 Bln Private Placement Of 5.250% Senior Notes Due 2025 And 5.750% Senior Notes Due 2028Carl Icahn's oil refining company CVR Energy has significantly unwound a large short position in the U.S. biofuel credit market, more than halving its outstanding blending obligation, the company said on Wednesday.CVR Energy, Inc. (CVR Energy) is a holding company. That would mirror Icahn's unsuccessful tender offer for the cleaning products giant, which ended in September without shareholder support or competing bids.Not content to take a stake in a company and push for management change or asset realization strategies, Carl Icahn is increasingly submitting tender offers for companies, with recent deals showingis dusting off the playbook he used when making a disastrous $12.6 billion bid for. Icahn holds roughly 10% of the shares in each of the three companies.Ultimately, Icahn said in his letter that a strategic acquirer or private equity firm could pay $37 a share for CVR Energy, but that valuation may be too optimistic.and later that month, military vehicles makerIcahn's playing both bidder and M&A banker by recommending a few companies that could be acquirers of CVR Energy at a higher price than his $30 a share offer.
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