07:32 AM EST, 11/08/2024 (MT Newswires) -- Icahn Enterprises ( IEP ) said Friday that it has sent a proposal to CVR Energy's ( CVI ) board to acquire additional shares of the petroleum refining company in a tender offer.

Under the proposed terms of the deal, Icahn ( IEP ) or a subsidiary would launch a tender offer to acquire up to 15 million additional CVR shares at $17.50 each.

Icahn ( IEP ) said the proposal represents a premium of about 6% to CVR's closing price on Thursday, and a roughly 5% premium to the volume-weighted average price of CVR's common stock during the past seven trading days.

IEP said believes that CVR's shares are "undervalued in the market and represent an attractive investment opportunity."

Icahn ( IEP ) shares were nearly 6% lower in premarket trading, while CVR Energy ( CVI ) was up more than 4%.