Federal-Mogul: Special Committee To Review Revised Proposal From IEP

(RTTNews) - Federal-Mogul Holdings Corp. (FDML) announced it has received an increased offer from Icahn Enterprises pursuant to which IEP proposed to purchase the shares of Federal-Mogul common stock not owned by IEP in a merger transaction pursuant to which Federal-Mogul shareholders would receive $8 in cash for each of their Federal-Mogul shares. The Federal-Mogul said its special committee of independent directors will carefully review and evaluate the revised proposal.

The company previously announced that on February 28, 2016, Icahn Enterprises proposed to purchase the shares of Federal-Mogul common stock not owned by IEP in a merger transaction pursuant to which the Federal-Mogul shareholders would receive $7 in cash for each of their Federal-Mogul shares.