Icahn Hikes Federal-Mogul Buyout Offer
Investor Carl Icahn, who already owns 82% of Federal-Mogul Holdings Corp., has upped his bid to acquire the remaining 18% of the Southfield, Mich.-based auto parts supplier.
Last February Icahn offered to buy the outstanding shares at $7 each, a 41% premium. Now his Icahn Enterprises LP holding company is offering $8, or about $243 million, for the stake. The stock closed last week at $8.15.
Icahn’s original bid came after Federal-Mogul decided in January not to spin off its Motorparts aftermarket business as a separate publicly traded company. The company opted instead to retain both operations, each with its own CEO.
Analysts note that last December Icahn prevailed in a bidding war with Bridgestone Corp. to acquire U.S. auto parts and service chain Pep Boys for slightly more than $1 billion. Icahn is combining the 800-store chain with the Auto Plus aftermarket retail network he acquired earlier last year.
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