carl icahn imageBillionaire investor, Carl Icahn announces a tender offer for all outstanding shares of CVR Energy. Are refiners the way to play the energy space? The Fast Money crew, weigh in.

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share holders? find out after this. risk/reward ratio is what welook at. we believe there is a lot more value if it was sold. that is all we are saying. put it up for sale and let the shareholders decide if you want to take the risk off the table. that is carl eye can on fast money a couple days ago urging cvr energy to put itself up for sale and eye can himself is making a tender offer for the entire company. certainly we thought that was within the realm but at this point, mike khouw, i am curious, you were following the options on cvr when we were talking with carl eye can before, i’m wondering what you are seeing today. it is interesting because i have a couple quick thoughts about it. if you take a look at the mean ebidta before you started to see the wti brent spread widen out, withcy really how they arecapitalizing right now, they were probably at mean ebidta 230million, times eight, $2 billion in enterprise value, figure 18months of being able to capitalize on that widespread isanother $600 million, he is bidding 2.4. i can sort of see what he is getting at. the problem is he is encouraging some other refiner to step in. right now, trading about four times ebidta.everybody else who might buy it trading at lower multiples, notaccretive for them, maybe sonoco, one i could potentially look at. i see this as a fair play for him to get the action going. i don’t think that he is in it to make 10% though. right. when it comes to the other refiners, grasso, you talk to analysts, they say not a lot of refine verse the balance sheet right now to make a bid for cvr. i’m going to take it a different route because mike just covered it perfectly. i think you could invest in refiners across the whole space right now with the exception of valero, a geographic thing, mpc, hfc, all of them on the back of even this but margins are incredible for them, as if they are printing money again. we have seen this cycle happen over and over again but as to mike’s point, i think another couple of months to play out to the upside. yeah, i mean, i look at somebody like tesoro, how think has ral very inefficient business but you look at their ebidta, this thing three times ebidta. again, what was once a big issue is not i think even as bad as it had been and evaluation basis, attractive business there. did you see today the big spike in shares of ticker cvr? chicago river. can you imagine making traced on the wrong stock and finding out later on that you entered the wrong ticker? sophisticated.embarrassing right. ridiculous. if they made money on t. i mean, look at that. imagine accidentally buying it, figuring it out.there you go. weren’t watching the show, if they had, they would know what the ticker was. check your ticker. within one of our very own will reveal the next big idea that will take the markets from here to china by storm. more fast money, straight ahead.offering