Carl Icahn won control of oil refiner CVR Energy Inc as shareholders backed his $2.6 billion takeover, ending a three-month long tussle with the company's board.
At least 63 percent of CVR's shares not already owned by his affiliates had been tendered to his $30-a-share offer, the activist investor said on Monday.
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With the purchase of these shares, which will occur later in the day, the Icahn group will own about 69 percent of CVR's outstanding shares, Icahn said in a statement. Icahn already owned 14.5 percent of CVR's shares.
Seven members of CVR's nine-member board will now be replaced with Icahn's nominees, the statement said.
Icahn, who wants to resell CVR, said he would extend the offer to May 18. He plans to merge CVR with one of his affiliates if he ends up owning 90 percent of the company.
CVR, which had been resisting the hostile bid, scrapped a shareholder rights plan, or poison pill, last month after 55 percent of the company's shares were tendered to Icahn's initial offer that lapsed on April 2.
CVR shares have risen about 30 percent since Icahn disclosed his stake in the company on Jan. 13. The stock, which closed at $30.05 on Friday on the New York Stock Exchange, has traded marginally above the $30-offer price for the last two weeks.
CVR owns refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma.
It also owns and operates a crude oil gathering system with a capacity of about 38,000 barrels per day serving Kansas, Oklahoma, western Missouri and southwestern Nebraska, and holds a majority stake in fertilizer producer CVR Partners LP.
The offer for CVR includes a contingent value right that would give shareholders additional cash if Icahn manages to sell the company for more than $30 per share. Icahn had said he would not settle for a bid below $35 per share.