CVR Energy, Inc. (NYSE:CVI) Investor Investigation Focuses Takeover Proposal
An investigation on behalf of investors of CVR Energy, Inc. (NYSE:CVI) in connection with the takeover was announced and NYSE:CVI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 02/23/2012 --The Shareholders Foundation announces that an investigation for investors CVR Energy (NYSE:CVI) was initiated following the announcement by CVR Energy, Inc. that it received an takeover offer to purchase all of the outstanding shares of CVR Energy, Inc. (NYSE:CVI) for approximately $30 per NYSE:CVI shares.
Investors who are current investors in CVR Energy, Inc. (NYSE:CVI) and purchased their NYSE:CVI shares prior to the announcement, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether CVR Energy, certain officers and directors, and/or others breach their fiduciary duties owed to CVR Energy, Inc. (NYSE:CVI) investors in connection with the proposed acquisition.
On Thursday, February 16, 2012, CVR Energy, Inc. (NYSE: CVI) announced during trading hours that it has received notice from Icahn Partners LP, an entity controlled by Carl Icahn, of its intent to initiate an unsolicited tender offer to acquire all of the outstanding shares of CVR Energy for $30.00 per share in cash, plus a contingent value right.
Shares of CVR Energy, Inc. (NYSE:CVI) jumped in response to the proposal during Thursday from $28.39 to $29.51 per share and closed at $29.20 per share.
However, at least one analyst has set the high target price for NYSE:CVI stocks at $35 per share.
Therefore the investigation for NYSE:CVI investors concerns whether the CVR Energy Board of Directors will undertake an adequate sales process and in particular breach their fiduciary duties to CVR Energy, Inc. (NYSE:CVI) shareholders by failing to adequately shop the Company before entering into this transaction.
CVR Energy has performed well in the past for its investors. Its annual Revenue rose from $3.13billion in ’09 to $4.07billion in 2010.Additionaly its third quarter Revenue rose from$1.03billion in 2010 to $1.35billion in 2011 and its third quarter Net Income rose from $23.21million in 2010 to $109.27million in 2011.
A potential securities class action lawsuit would seek to maximize the amount of money and information CVR Energy, Inc. (NYSE:CVI)) shareholders would receive in a buyout, so the law firm.
Those who are current investors in CVR Energy, Inc. (NYSE:CVI) and purchased your NYSE:CVI shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/128544