The billionaire investor is looking to acquire the rest of the shares of FDML stock that he doesn’t own. Icahn Enterprises is offering $7 per share for the remaining stock of Federal-Mogul.
The billionaire investor and his firm currently own about 82% of Federal-Mogul. The company will form a special committee of independent directors who will review and evaluate the proposal, along with the consultation of external advisers.
Federal-Mogul also reported its fourth-quarter results, posting flat revenue of $1.8 billion and a net loss of $58 million. The company posted a net loss of $185 million in the year-ago period.
FDML stock is up 44.8% Monday.
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