Icahn Enterprises L.P. IEP revealed Monday that it was ready to pay $8.00 a share to acquire the remaining portion of the shares of Federal-Mogul Holdings Corp FDML. This is lower than the Friday's closing price of $8.15.
Icahn Enterprises indicated that on February 28, it offered to buy the remaining shares of Federal-Mogul common stock not owned by it in a merger transaction following which Federal-Mogul shareholders would get $7.00 per share in cash for their Federal-Mogul shares.
In the latest move, the company increased its offer to $8.00 per share in cash, subject to the same conditions set forth in our original offer letter.
Federal Mogul earned a profit of $35 million or $0.21 a share in the first quarter compared to a loss of $11 million or a loss of $0.07 a share in the same period last year. Its net sales rose to $1.897 billion from $1.835 billion in the previous year quarter.
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