Shares of CVR Energy fell about 12% Tuesday after the refiner announced a $4.2 billion deal to buy two refineries from Marathon Petroleum and a $750 million stock offering. The selloff came despite the best quarterly results in the company's history.

The New York Stock Exchange-listed stock, which trades under the ticker CVI, fell $6.55, or 11.71%, to $49.37 in morning trading. Its market value was about $5 billion.

The shares had risen about 7% in premarket trading after the results. They reversed as investors weighed the size of the deal and the dilution from the new stock offering.

CVR Energy, based in Sugar Land, Texas, reported third-quarter net income of $570 million, or $5.67 per share, up from $374 million a year earlier.

Adjusted earnings were $4.00 per share,........

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