Corporate raider Carl Icahn has reached an agreement with the management of CVR Energy under which the company will drop its poison pill provision, clearing the way for a potential $2.26 billion bid for the Sugar Land, Texas-based oil refiner.
Icahn first began circling the CVR wagon in January, after his affiliates picked up a 14.5 percent stake in the company for about $144.7 million. The purchase also made Icahn the company’s largest shareholder, and CVR and its lawyers from Wachtell, Lipton, Rosen & Katzwho have plenty of experience battling the renowned shareholder activistadopted antitakeover measures.
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