Stock Alert: Delek Up 22% After Icahn Reveals 15% Stake

(RTTNews) - Shares of Delek US Holdings, Inc. (DK) are gaining over 22% on Friday morning after activist investor Carl Icahn revealed a 14.8% stake in the company.

Icahn also said that he believes the Delek's stock are undervalued and "could present an excellent synergistic acquisition opportunity" for CVR Energy's (CVI) petroleum segment.

Meanwhile, Delek US Holdings announced today that its Board has adopted a limited duration shareholder rights agreement to protect shareholder interests and maximize value for all shareholders.

Delek CEO Uzi Yemin said, the rights agreement was adopted because the company's current stock price does not reflect its intrinsic long-term value due to the extreme dislocation caused by the COVID-19 crisis and low commodity prices.

DK is currently trading at $14.68, down $3.15 or 27.32%, on the NYSE.