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Icahn Enterprises increased its offer from $7 per share to $8 per share in a letter dated Friday and disclosed Monday by Federal-Mogul in a filing with the U.S. Securities and Exchange Commission.
The investment firm currently owns about 82% of the Southfield, Mich.-based parts maker, which said a special board committee will "carefully review and evaluate" the latest offer.
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Although shares (FDML) are up 64% since Feb. 28, the day before Icahn's first offer was publicized, the latest bid is below the current market value for the stock. Federal-Mogul shares closed down 4% to $8.16 on Friday.
The move comes about six months after Federal-Mogul canceled its plans to split into two companies: one for powertrain operations and one for aftermarket parts.
Icahn recently prevailed in a bid to acquire Pep Boys-Manny, Moe & Jack, which has about 800 auto service and tire centers or super centers in 35 states and Puerto Rico.