Long-Term Returns of Carl Icahn’s 10 Activist Targets

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7. Delek US Holdings, Inc. (NYSE:DK)

Stock Return: 38.68%
S&P 500 Return: 74.36%
Investment date: 3/19/2020

Delek US Holdings, Inc. (NYSE:DK) is an integrated downstream energy business that operates under three segments of refining, logistics, and retail. In 2020 Icahn-controlled CVR Energy attempted to acquire Delek thanks to a 15% controlling stake in the company. The activist investor had succeeded in installing new board members and made major changes in the company.

Nevertheless, CVR started exiting its position in Delek after failing to engineer a buyout of Delek’s US holdings. Icahn would trim his position significantly after reaching an agreement to sell $64 million in Delek shares to the company.

Icahn exited his full position in Delek US Holdings, Inc. (NYSE:DK) in 2022 after generating a 38.68% return over two years, nearly half the 74.36% gain of the S&P 500 over the same period.

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