Whats his exit plan? There were no buyers at $30. so doubtul there are any at $45. I guess he is just going to sit on the company for a few years and hope the cash keeps piling up at $6 or $7 a year. Then maybe he can sell the company for say 30/share after stripping out what could be $15-$20/share in cash on the balance sheet. If so, this stock is dead dead money for long time at this share price $45/share IMHO.
I mean that if they can accumulate say $15/share in cash on the balance sheet from operations over the next few years. Then maybe Icahn can find a buyer for the stock at $45/share. Which would really be a cost of $30 to the acquireing company because there would be $15 in cash. I don't think another refiner would pay more than that because basically you are just betting on the WTI Brent spread and that is impossible to predict. I don't really see how the stock goes up more and be able to sustain that price anyway. But who knows.