Icahn Enterprises Launches Tender Offer For Federal-Mogul Shares At 5.6% Discount

Carl Icahn's Icahn Enterprises LP said Monday that it had launched a tender offer of $9.25 a share for the Federal-Mogul Holdings Corp. shares that it doesn't already own. The price is a 5.6% discount to Friday's closing price of $9.80. Icahn Enterprises currently owns about 82% of Federal-Mogul's stock. The stock, which was still inactive in premarket trade, had run up 43% year to date through Friday, while Icahn Enterprises shares had tumbled 18% and the S&P 500 had gained 5.9%.