Deals
Icahn Moves to Consolidate Federal-Mogul in Automotive Play
- Offer is 41% higher than stock's closing price on Friday
- Shares in auto-parts manufacturer rise above offer price
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Federal-Mogul Holdings Corp.’s largest stockholder, activist investor Carl Icahn, offered to buy the remaining 18 percent of the auto-parts maker in a move that would consolidate his automotive interests.
The auto-parts maker’s board will appoint a committee of independent directors to review the $212.8 million offer, Southfield, Michigan-based Federal-Mogul said in a statement Monday. The stock on Monday jumped above the $7-a-share offer price, which is 41 percent above the close on Friday.