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Shares of Delek US Holdings fell 7 percent Thursday afternoon after an oil refining rival controlled by investor Carl Icahn — and until last week, a suitor for several Delek board seats — said it will distribute a third of its 15 percent stake in the Brentwood company to its investors.

CVR Energy executives said this week they will refocus the Texas-based business on renewable fuels while also paying out a $492 million special dividend in the form of cash and Delek stock. CVR quickly built its stake in Delek early last year, when it was looking to acquire the entire company and is sitting on a solid gain.