Icahn Enterprises Raises Federal-Mogul Offer Price To $10 Per Share Vs. $9.25

Icahn Enterprises L.P. said Tuesday it is raising its offer price for powertrain parts maker Federal-Mogul Holdings Corp. to $10 a share from $9.25. The investing arm of activist Carl Icahn said the offer is its best and final one and represents a premium of 8.1% over the previous offer price and a premium of 101% over the closing price of the shares on Feb. 26, the last trading day prior to its initial offer. The new offer will expire at midnight on Jan. 17. Federal-Mogul shares were down 2.2% in early trade, while IEP was up 1.2%.

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