Update: Federal-Mogul Holdings Trading Above Carl Icahn's Buyout Offer

Shares of Federal-Mogul Holdings Corp FDML were trading higher by more than 45 percent at $7.25 after 90 minutes of trading on Monday.

Shares surged higher after Carl Icahn's Icahn Enterprises LP IEP offered to acquire the approximated remaining 18 percent of the company it doesn't already own for $7.00 per share.

Related Link: Icahn Low Balls Federal Mogul With $7 Bid For Remaining Shares

Shares of Federal-Mogul closed for trading at $4.98 on Friday.

Icahn Enterprises' offer to acquire the remainder of the company is contingent on the deal being approved by a special committee of Federal-Mogul's independent directors and advisers.

Federal-Mogul acknowledged the offer and said that it will carefully review and evaluate the proposal.