An investment fund controlled by billionaire activist investor Carl Icahn cut its dividend payout by half on Friday and at the same time announched intentions to gain more interest in CVR Energy Inc., the company with refineries in Pauls Valley, Oklahoma and Coffeyville, Kansas.
As indicated in a third quarter earnings statement, Icahn Enterprises LP plans a dividend distribution of 50 per share, a drop from the $1 per unit in the second quarter.
The firm plans to increase its holding in CVR Energy to neary 81% from its current ownership of 66%.
Bloomberg reported IEP intends to begin a tender offer to buy nearly 15 million additional CVRshares for $17.50 each, an amount that would represent a 5.9% premium to CVR’s last close.
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