09:15 AM EST, 12/06/2024 (MT Newswires) -- Icahn Enterprises ( IEP ) and its subsidiary Icahn Enterprises Holdings said Friday they launched a cash tender offer for nearly 17.8 million shares of CVR Energy ( CVI ) at $18.25 per share, a 10.5% premium to the Nov. 7 closing price.

The companies said the offer, scheduled to expire on Jan. 6, seeks to increase Icahn Enterprises Holdings' ownership in the petroleum refining company from about 66% to roughly 84% if fully subscribed.

Payment will be made in cash, subject to applicable conditions and potential proration if more shares are tendered than requested, Icahn ( IEP ) and its subsidiary said.

An agreement connected to the tender offer between Icahn Enterprises ( IEP ) and its affiliates restricts them from delisting CVR Energy's ( CVI ) shares, deregistering them with the US Securities and Exchange Commission, or taking actions to acquire full ownership or increase the stake beyond 84% without further approvals, they added.