CVI - Delek to repurchase ~50% of Carl Icahn's stake in the company

In a pre-market release Monday, Delek (NYSE:DK) announced plans to repurchase $64m worth of shares from Carl Icahn and affiliates (NASDAQ:IEP) at Friday's closing price of $18.30 per share. The mid-continent oil refiner has been the target of an activist campaign by Mr. Icahn and Icahn-controlled CVR Energy (NYSE:CVI); in 2021, CVR Energy (CVI) distributed its ownership stake in Delek (DK) to shareholders, and Icahn affiliates (IEP) remain in control of ~7m shares. Monday's release indicates Delek (DK) will buy out ~50% of Icahn's current holdings, allowing the company to reduce shares outstanding by ~4.9%. Term of the deal establish that the Icahn Group will withdraw its nomination of directors and agree to a standstill restriction through the completion of the 2023 annual meeting, including refraining from acquiring additional shares of the company's stock. Delek (DK) shares are up ~22% ytd, and higher in pre market trading Monday.

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Delek to repurchase ~50% of Carl Icahn's stake in the company