Federal-Mogul To Review, Evaluate Icahn Enterprises' Revised Proposal

Federal-Mogul Holdings Corporation FDML revealed Monday it received an increased offer of $8.00 a share to buy the remaining stake from billionaire-investor-managed Icahn Enterprises LP IEP. The company indicated it would review the offer carefully and evaluate the revised proposal.

Federal-Mogul said that on February 28, 2016, its majority shareholder, Icahn Enterprises, proposed to purchase the shares of Federal-Mogul common stock not owned by it in a merger transaction pursuant to which the Federal-Mogul shareholders would get $7 in cash for each of their shares.

The company said Federal-Mogul disclosed that on the evening of June 17, 2016, it received an increased offer from IEP pursuant to which IEP proposed to purchase the shares of Federal-Mogul common stock not owned by IEP in a merger transaction pursuant to which Federal-Mogul shareholders would get $8 in cash for each of their Federal-Mogul shares, subject to the same conditions set forth in the February 28th letter.

FDML traded 7 percent higher, while IEP traded 1.3 percent up on Monday.