Billionaire activist investor Carl Icahn pulled his offer to buy oil refiner CVR Energy on Tuesday after earlier winning a $2.6 billion takeover battle for the company.
In a letter to CVR Energy , Icahn Enterprises said it does not think the proposed transaction is feasible any longer, citing market conditions.
"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," the letter said.
"Since then a number of market conditions have changed, including a significant widening of crack spreads."
Following the offer's withdrawal, CVR Energy's shares fell 3 percent in after-hours trading. Click here for the latest after-hours quote.
Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash.
He had named Valero Energy Corp, Western Refining Inc, HollyFrontier Corp, Tesoro Corp, and Marathon Petroleum Corp as possible buyers.
CVR, based just outside Houston in Sugar Land, Texas, operates refining plants in Kansas and Oklahoma with processing capacity of more than 185,000 barrels of oil equivalent per day.
It also transports fuels to customers through tanker trucks and pipeline terminals and has a crude oil gathering system serving Kansas, Oklahoma, western Missouri, southwestern Nebraska and Texas. In addition, it has a stake in fertilizer producer CVR Partners LP.
Shares of CVR were trading down 3.1 percent at $28.64 in after-hours trading on Tuesday.