Delek US To Purchase $64 Mln Of Common Stock Beneficially Owned By Icahn Group

(RTTNews) - Delek US Holdings, Inc. (DK) has entered into a stock purchase and cooperation agreement with Carl C. Icahn and certain of his affiliates, which includes the purchase of $64 million of the company's common stock beneficially owned by the Icahn Group, at a purchase price of $18.30 per share.

The Icahn Group will, among other things, withdraw its nomination of directors and agree to a standstill restriction through the completion of the company's 2023 annual meeting of stockholders, including refraining from acquiring additional shares.

Delek US will utilize cash on hand to fund the share repurchase. The share repurchase is expected to close no later than March 11, 2022, after which the Icahn Group is expected to own approximately 4.93% of the company's outstanding shares.