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CVR Hires Jefferies to Look for Buyers

Fri, 05/25/2012 - 6:24am

SUGAR LAND, Texas (AP) — CVR Energy Inc., now controlled by billionaire investor Carl Icahn, has started the process to try and sell the nitrogen fertilizer company.

The company said Thursday that it has hired Jefferies & Co. to solicit bids for the company. CVR said the 60-day process begins immediately and that Icahn is willing to consider any offer of at least $35 per share for the company.

Icahn has long wanted to buy the nitrogen fertilizer company and sell it off. The company resisted his earlier offers but had to cede control to Icahn this month as he bought up a majority stake in the company.

Icahn won full control Monday when he was able to buy up an 80 percent stake in CVR through a $30-per-share tender offer. That allowed him to seize control of the company's board.

Shares of CVR, based in Sugar Land, Texas, fell 46 cents to $27 in afternoon trading.

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