Federal-Mogul receives merger proposal from Icahn Enterprises

March 2, 2016

Federal-Mogul Holdings Corporation has announced that it has received a proposal from its majority shareholder, Icahn Enterprises L.P. (IEP), to purchase the shares of Federal-Mogul common stock not owned by IEP. The deal would see Federal-Mogul shareholders receive $7 in cash for each of their Federal-Mogul shares.

Consistent with its fiduciary duties, the Federal-Mogul Board will appoint a special committee of independent directors who, in consultation with independent financial and legal advisors, will carefully review and evaluate IEP’s proposal.

Icahn Enterprises currently owns approximately 82.0% of the outstanding shares of common stock of Federal-Mogul Holdings Corporation.


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