He’s gone mad.
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On August 21, 2012, Icahn Enterprises delivered a letter to the Issuer’s board of directors withdrawing its previous offer to take the Issuer private. The letter read:
“At the time we made our original offer on August 6th to take CVR Energy private, we stated that we were willing to pay $29.00 per share but in no event would we consider paying more than $30 per share. Since then a number of market conditions have changed, including a significant widening of crack spreads. We no longer think that the proposed transaction is feasible at this time and we hereby withdraw it.”