Deals
Icahn Raises Takeover Offer for Federal-Mogul to $8 a Share
- Proposal is less than Friday’s $8.16 close for the stock
- Billionaire could combine auto-parts maker with other units
This article is for subscribers only.
Federal-Mogul Holdings Corp.’s largest stockholder, billionaire investor Carl Icahn, raised his bid for the remaining 18 percent of the auto-parts maker, and the shares climbed even though he didn’t offer a premium from their Friday close.
Icahn Enterprises increased its bid to $8 a share for the Southfield, Michigan-based company, from the $7 a share offered in February, according to a filing on Monday. Federal-Mogul rose 9 percent to $8.89 at 10:29 a.m. in New York. The stock closed Friday at $8.16.