Market Insider

Federal-Mogul shares spike as Icahn offers to buy rest of company

Carl Icahn
Adam Jeffery | CNBC

Shares of Federal-Mogul climbed nearly 4 percent Monday, driven by news that Icahn Enterprises raised its offer for the company's shares.

On Monday, the company announced it had received an increased offer of $8 per share from Carl Icahn's company. Icahn Enterprises, the majority shareholder of Federal-Mogul, previously proposed to purchase the remaining shares of the company for $7 a share in February.

Federal-Mogul provides products and services to manufacturing and servicing companies in the transportation sector. Since Jan. 1, the company's stock has risen more than 23 percent.

Icahn Enterprises' stock also rose nearly 1 percent Monday.

Federal-Mogul in 2016