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

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."