NEW YORK (AP) -- Shares of CVR Energy hit an all-time high Monday after Carl Icahn said that he had increased his stake to 80 percent, essentially seizing complete control of the board.
The nitrogen fertilizer company had resisted Icahn's offer to buy the company, but he was able to acquire a 69 percent stake earlier this month through a tender offer to shareholders of $30 per share.
That gave Icahn enough control to replace seven members of CVR's nine-member board with directors of his choice.
The activist investor announced Monday that he has upped his stake in the company to 80 percent through a subsequent offering period. That gives Icahn the power to replace CVR's two remaining directors with those of his choosing and paves the way for completing his acquisition. Icahn plans to take control of CVR and then sell the company.
Shares of CVR Energy Inc. rose 3 percent to $31.35 Monday. Shares hit a previous high of $30.94 in February 2008.
A representative for CVR, based in Sugar Land, Texas, did not immediately return a call for comment.
