Billionaire investor Carl Icahn was sued by pension funds over the CVR Energy Inc. deal. The funds are seeking to bar Icahn from accumulating more shares.
Icahn’s attempt to gain a 90 percent share of CVR, a level necessary to forcibly acquire remaining shares through a short-form merger, will result in CVR’s shareholders’ being “squeezed-out of their investment,” according to the complaint made public today in Delaware Chancery Court.
The plaintiffs are the City of Tamarac Firefighter Pension Trust Fund and the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust.
© Copyright 2022 Bloomberg News. All rights reserved.