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Icahn Offers CVR Energy Little Value

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.

Since Icahn withdrew his Clorox bid, no acquirers have emerged.

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 showing unpromising results.

In January, Icahn failed to win shareholder support of a $1.73 billion takeover bid for scram metals giant Commercial Metals (CMC) and later that month, military vehicles maker Oshkosh (OSK) shareholders showed a cold reaction to a hostile slate of directors that Icahn nominated as a way to push the company toward a tie-up with truck maker Navistar (NAV). Icahn holds roughly 10% of the shares in each of the three companies.

Prior to tendering an offer for CVR Energy, Icahn had urged the board to scrap a planned asset sale that management said would lead to a special dividend paid to shareholders. On Monday, the company announced a special dividend, to be financed in part by selling a part of CVR Partners, a subsidiary of the refining specialist that produces nitrogen fertilizer.

CVR Energy's owns refineries in Kansas and Oklahoma that can process a combined 185,000 barrels a day.

Though Icahn was unsuccessful on multiple takeover attempts in 2011, he still had a strong year, returning over 37%, according to a regulatory filing.

Billion dollar plus-sized minority stakes by Icahn in El Paso (EP) and Motorola Mobility (MMI) netted the investment mogul impressive returns when Kinder Morgan (KMI) and Google (GOOG) paid big premiums for the respective companies. In those investments, Icahn pushed for specific asset spins and patent sales, respectively, which eventually yielded full sales at significant premiums.

For more on Carl Icahn, see his investment portfolio. For more on energy stocks, see the energy stocks bought and sold by hedge funds in the latest quarter.

-- Written by Antoine Gara in New York

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