Notable Merger and Acquisition of the Day 02/17: [(CVI) (ECA)]

Article Stock Quotes (2) Comments (0)

• CVR Energy, Inc. (NYSE: CVI) announced today 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.
  
  Mr. Icahn has not commenced a formal tender offer nor has he indicated when he will do so. Mr. Icahn has also given the company notice that he intends to nominate nine directors to the company's Board of Directors at the next annual meeting, five of whom are employees of Mr. Icahn, and to submit a shareholder proposal.
  
  CVR Energy's Board of Directors will review all of Mr. Icahn's actions and respond as appropriate in due course.
  
  
• Encana Corporation (NYSE: ECA) has entered into an agreement with Mitsubishi Corporation that will see the Japanese global integrated business enterprise invest approximately C$2.9 billion for a 40 percent interest in the Cutbank Ridge Partnership. The Partnership holds about 409,000 net acres of Encana’s undeveloped Montney-formation natural gas lands in the company’s Cutbank Ridge resource play in northeast British Columbia. Through the Cutbank Ridge Partnership, Encana and Mitsubishi plan to create long-term shareholder value by jointly developing production capacity to deliver abundant natural gas to markets for decades ahead.
  
  RBC Capital Markets and Jefferies & Company, Inc. are acting as financial advisors to Encana with respect to this transaction. Burnet, Duckworth & Palmer LLP is acting as legal advisor to Encana.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Top 10 News for 05/13 - 05/17: Tesla Can't be Stopped; Tepper Still Bullish; Sony Gets in Play
• Notable Analyst Rating Changes 05/16: (PANW) (F) (SPWR) Upgraded; (CHK) (DDD) (AMD) Downgraded
• Unusual 11 Mid-Day Movers 05/15: (MFLR) (CHCI) (NYNY) Higher; (SVNT) (XONE) (WTT) Lower

Create E-mail Alert Related Categories

Special Reports

Related Entities

Carl Icahn, Jefferies & Co, RBC Capital

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?