Rigrodsky & Long, P.A. Investigates Offer To Purchase Shares Of CVI Energy, Inc.
17 Février 2012 - 2:00AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of CVI Energy, Inc.
(“CVI” or the “Company”) (NYSE: CVI) concerning possible breaches
of fiduciary duty and other violations of law related to the
Company’s receipt of an unsolicited offer made by companies
affiliated with Carl C. Icahn (“Icahn”) to purchase all of the
outstanding shares of CVI for approximately $30 per share in cash,
plus a Contingent Value Right (the “Offer”).
Click here to learn more and to discuss your shareholder rights:
http://investigations.rigrodskylong.com/CVI-Energy-Inc-cvi/
The investigation concerns whether the board of directors of CVI
are acting in the shareholders’ best interests in connection with
the Offer, including their recent decision to adopt a “poison pill”
takeover defense in connection with Icahn’s prior admonitions that
the Company be sold.
The Offer contemplates the purchase of all of the outstanding
shares of common stock of CVI for $30.00 per share in cash plus a
Contingent Value Right which will entitle holders to an additional
payment, in cash, equal to the value that the Company is sold for
in excess of $30 per share in a subsequent transaction. Moreover,
Icahn stated his intent to nominate a slate for all nine
directorships on the Company’s board. Icahn also announced that if
the Company’s current board puts the Company up for sale before the
initial expiration date of the Offer (expected to be on or about
March 23), then he reserves the right to withdraw the Offer and
proxy fight. If the Company is not put up for sale, Icahn announced
that he will proceed with the Offer and proxy fight, in an effort
to elect a new board that will have a mandate to sell the
Company.
If you own the common stock of CVI and purchased your shares
before February 16, 2012, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Scott J. Farrell, Esquire or toll free at (888) 969-4242 or (516)
683-3516 or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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