Reuters: Private Equity: UPDATE 1-Carl Icahn extends tender offer for CVR Energy

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UPDATE 1-Carl Icahn extends tender offer for CVR Energy Mar 16th 2012, 17:05 March 16 | Fri Mar 16, 2012 1:05pm EDT March 16 (Reuters) - Billionaire investor Carl Icahn, who wants to buy CVR Energy and sell it, extended his $30 per share tender offer by 10 days, citing feedback from certain large shareholders of the oil refiner. The tender offer, which was slated to expire on March 23, has now been extended until April 2, but Icahn did not name the shareholders. The activist investor's offer, which values the crude oil refiner and fertilizer maker at $2.6 billion, also includes a "contingent value right" that enables shareholders to receive additional cash if the company gets sold for more than $30 a share. The duration of the contingent value right has been extended to 15 months following the expiration of the offer, from 9 months. Last week, the top shareholder of CVR said he would drop his bid if at least 36 percent of the outstanding stock was not tendered by March 23. CVR Energy shares were trading up 7 cents at $26.87 in afternoon trade on Friday on the New York Stock Exchange.

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