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CVR Refining Surged 8% on Exchange Offer from CVR Energy

Ruth King
CVR Refining Surged 8% on Exchange Offer from CVR Energy

On May 29, CVR Energy (CVI), the holding company of CVR Refining (CVRR), announced its intention to exchange shares of CVR Energy for 37 million common shares of CVR Refining. The exchange offer of $27.63 per share represents a 25% premium over CVR Refining’s closing price on May 25. The exchange ratio for the offer is one share of CVR Refining for 0.6335 shares of CVR Energy stock.