CVR Energy Announces End Of 60-day Sale Process; No Receipt of Bona Fide Offer
CVR Energy, Inc. (NYSE: CVI), a refiner and marketer of petroleum fuels and a majority owner of CVR Partners, LP (NYSE: UAN), a nitrogen fertilizer producer, today announced that the previously disclosed 60-day sale process to solicit acquisition proposals from third parties to acquire the stock and assets of CVR as an entirety ended on July 23, 2012, without the receipt of a bona fide offer.
Jefferies & Company, Inc., CVR's financial adviser, contacted over 30 potential bidders, including independent refining companies and private equity firms, of which four signed confidentiality agreements. CVR received one indication of interest, which CVR and Jefferies did not believe to be credible. CVR did not incur any fees or expenses during the 60-day period in connection with the sales process.
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