NEW YORK (TheStreet) — Carl Icahn’s newly unveiled $30 a share bid for CVR Energy is dusting off the playbook he used when making a disastrous $12.6 billion bid for Clorox in 2011.
That’s because after taking a 14.5% stake in CVR Energy, Icahn may be holding out a flimsy takeover bid for the refining and nitrogen fertilizer company to drum up non-existant bidding interest from a competitor. That would mirror Icahn’s unsuccessful tender offer for the cleaning products giant, which ended in September without shareholder support or competing bids.
Icahn’s playing both bidder and M&A banker by recommending a few companies that could be acquirers of CVR Energy at a higher price than his $30 a share offer. Meanwhile, a clause in the offer signals that the investment mogul is trying to get shareholders to approve a thin takeover bid even if he’s unable to drum up near-term strategic interest.
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Read more: Icahn Offers CVR Energy Little Value
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