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UAN RNF arbitrage


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CVR Partners (UAN) is a nitrogen fertilizer MLP controlled by Carl Icahn and they will buy RNF at 1.04 UAN plus $2.57 cash per RNF unit. Unit holder will vote for the deal on 2/15/2016. RNF entered some minority unit holder law suit recently. At 10% spread, market is price this deal to fail. In addition, RNF will spin off its Pasadena facility to unit holders before the merger. No idea how much it worth given it's losing money and has about $100m sales.


The deal was originally scheduled to close in Q1 2016. Anyone else on the board looking at this?

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