The board of directors of Texas-based CVR – operator of two oil refineries at Coffeyville, Kan., and Wynnewood, Okla., with more than 185,000 barrels per day of processing capacity – on March 1 announced that it unanimously rejected a takeover bid by companies controlled by corporate raider Carl Icahn. The CVR board termed Icahn’s US$30 per-share bid plus a “contingent cash payment right” as “inadequate and not in the best interests of its stockholders.”
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