Current Issue

PREMIUM CONTENT FOR SUBSCRIBERS ONLY

Service Suppliers Wholesale Distribution

Icahn's Next Bid Is For Full Ownership of Federal-Mogul

Order Reprints

Icahn Enterprises LP, the majority shareholder of Federal-Mogul Holdings Corp., wants full control of the auto parts supplier, and has sent a proposal to the Federal-Mogul board of directors.

The proposal, dated Feb. 28, 2016, comes less than a month after Icahn completed the acquisition of Pep Boys — Manny, Moe & Jack.

Icahn owns approximately 82% of the outstanding shares of Federal-Mogul, and is offering $7 per share to acquire the remaining shares.

In a press release, Federal-Mogul says, "Consistent with its fiduciary duties, the Federal-Mogul board will appoint a special committee of independent directors who, in consultation with independent financial and legal advisors, will carefully revie and evaluate (Icahn's) proposal."

Recommended Products

July 2020

August 2020

Related Articles

Icahn Is Selling Federal-Mogul to Tenneco for $5.4 Billion

Icahn Tops Bridgestone, Again, and Increases Bid for Pep Boys

Federal-Mogul is the Alliance Partner of the Year

You must login or register in order to post a comment.