CVR Energy said on Thursday that it had not received any credible offers to acquire the company, leaving it in the hands of Carl C. Icahn, who gained control of the Texas refiner this spring after a lengthy battle.
Part of an agreement between CVR’s board and Mr. Icahn called for an auction of the company, which is also a majority owner of CVR Partners, a nitrogen fertilizer producer. Mr. Icahn agreed to participate in the sale process and accept any offers above $35 a share. (Mr. Icahn won control by offering shareholders $30 a share, or $2.6 billion.)
CVR hired the investment bank Jefferies & Company, which contacted more than 30 potential bidders, including other refining companies and private equity firms. Four signed confidentiality agreements. But there was only one indication of interest, “which CVR and Jefferies did not believe to be credible,” the company said on Thursday. The 60-day sale process ended on Monday.
Mr. Icahn had pushed CVR to put itself up for sale when he first approached the company in January. In the face of resistance from CVR, he went directly to shareholders with his $30-a-share tender offer. In April, Mr. Icahn claimed a majority of the outstanding shares.
He will not continue to push for a sale. “Icahn Enterprises intends to focus on operating CVR’s business for the benefit of its stockholders because it believes that continual shopping of CVR could be disruptive to its operations,” the company said in its statement.