|Bid||21.87 x 900|
|Ask||21.93 x 1200|
|Day's Range||21.45 - 22.25|
|52 Week Range||8.92 - 27.38|
|Beta (5Y Monthly)||2.10|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 04, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Aug 18, 2020|
|1y Target Est||25.50|
Delek US Holdings Inc. (NYSE: DK) a Brentwood, Tennessee-based downstream energy company, is pushing back at what it describes as a proxy contest coordinated by CVR Energy, Inc. (NYSE: CVI), a competitor controlled by investor Carl Icahn. What Happened: CVR acquired a 15% stake in Delek last year and is its largest shareholder; Icahn owns 70% of CVR. In January, CVR CEO David L. Lamp sent a letter to Delek Chairman Uzi Yemin proposing the replacement of three directors with a trio of CVR nominees, to be voted upon during Delek’s shareholders meeting on May 6. “Delek desperately needs new strategic direction,” Lamp wrote. “We would like to work collaboratively with you to replace three of your nominees at Delek’s upcoming 2021 Annual Meeting.” On April 8, CVR filed a lawsuit against Delek, claiming that the CEO’s total compensation of $81 million over the last eight years was “eye-popping” and was never properly disclosed to shareholders, adding that “Yemin is a poster boy for all that is wrong with corporate governance in America.” What Else Happened: Although Lamp claimed CVR had no intention to launch a takeover, Delek insisted that is not true. The company released a new shareholder letter and a fact sheet filed with the U.S. Securities and Exchange Commission that said the Sugar Land, Texas-based company was eager acquire rival Delek. To achieve its results, Delek continued, CVR was following “Carl Icahn's decades-old playbook of nominating friends and colleagues and making a range of misleading statements and half-truths to 'see what sticks' as it seeks to get its nominees elected.” Delek refuted the lawsuit’s claims, insisting the litigation was meritless and CVR sought to “obtain information that is inappropriate to share with a competitor.” Delek’s statement also asserted that CVR claims of a badly-run company were senseless because “Delek's total shareholder return (TSR) over the past 5 years is 78% versus 6% for CVR.” The Delek shareholder letter encouraged the company’s stakeholders to stay the course with the current board membership while depicting CVR as a “competitor whose interests are not aligned with those of Delek's shareholders, is pursuing tactics from the Icahn playbook to advance their self-serving agenda.” Illustration by Joel Stralnic See more from BenzingaClick here for options trades from BenzingaBudget Carrier Startup Avelo Airlines Launches With FaresDMX, Rapper With Troubled Life, Dies At 50© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Delek US Holdings, Inc. (NYSE: DK) ("Delek") today issued a statement in connection with the proxy contest launched by CVR Energy, Inc. ("CVR"), a company controlled by Carl Icahn that is a competitor to Delek.
Billionaire Carl Icahn's refiner CVR Energy, the largest shareholder in Delek US Holdings which has been trying to choose three members of that refiner's board, filed a lawsuit on Thursday seeking to inspect books and records of Delek relating to its CEO compensation. The lawsuit wants information about total compensation of Delek CEO Ezra Uzi Yemen, which CVR alleges was near $81 million between 2013 and 2020. Last month, Delek US Holdings rejected CVR's nominees to its board, days after Icahn's company questioned the CEO compensation and sent the initial demand letter.