Carl Icahn seeks to acquire remaining stake in Federal-Mogul

Feb 29, 2016, 20:36
Carl Icahn seeks to acquire remaining stake in Federal-Mogul

Federal Mogul intends to form a special committee to evaluate the offer from Icahn's firm.

Icahn Enterprises owns about 82 percent of Federal-Mogul.

Icahn Enterprises' shares have rebounded by 37% from their February 11 low of $44.43 - a three-year low.

Bernie Sanders rally at Colorado State University draws 6500
According to the release, the event will be held at the Breslin Student Events Center on March 2, with doors opening at 4 p.m. He took a hit in the SC primaries on Saturday, when Democratic front-runner Hillary Clinton sailed to a commanding victory.

The offer values the company at about $1.2 billion, based on the company's shares outstanding as on September 30.

The loss that was attributable to Federal-Mogul was $58 million equal to 36 cents a share during the December 31 ending fourth quarter, from its loss from one year ago of $185 million equal to $1.24 a share.

Earlier this month, the Icahn Enterprises investment vehicle also closed the acquisition of car-parts retailer Pep Boys.

Winter Storm Watch Issued
A record-breaking 13.8 C was recorded at Pearson International Airport Sunday, making it the warmest February 28 on record. At the onset, meteorologists said, precipitation will be a mix of rain or sleet before transitioning quickly to all snow.

In June, Icahn Enterprises spent about $340 million to buy Auto Plus, the US arm of Canadian parts distributor Uni- Select Inc. The letter sent to Icahn Enterprises L.P. can be found below.

The Icahn offer comes after Federal-Mogul scrapped its plan in January to split the company into two separate public entities.

Further, he noted that it has used much of its leverage with $2.8 billion in net debt, and he suggests that the markets may be worrying that auto demand has peaked and remain concerned about uncertainties in the world's currency exchange rates.

Google Dumps Its Think Tank
For another, it reflects our belief that collaborative problem-solving yields the best solutions", describes Schmidt. Google now has a more cryptic, but certainly more badass, name for its internal think tank and policy organization.

Shareholders will receive $7 per share in cash, representing a premium of about 41 percent to the Federal-Mogul's Friday closing.

YOU MIGHT ALSO LIKE
  • Aston Martin DB11 Can't Hide Forever

    Aston Martin DB11 Can't Hide Forever

    There are also rumors of Mercedes AMG sourced V8's being dropped in the engine bay during the latter half of the car's life cycle. Also, while front and rear of the DB10 taper into slender points, the DB11 is bolder, with a higher trunk and larger grille.
    Saudi FM says Syrian forces violating cease-fire

    Saudi FM says Syrian forces violating cease-fire

    The HNC has said it did not receive any maps of areas included in the ceasefire or documents explaining the monitoring mechanism. He also said there had been an attack by Hezbollah in the town of Zabadani, without giving details.
    NZF's vote went to new Federation Internationale de Football Association president

    NZF's vote went to new Federation Internationale de Football Association president

    Dyke continued: "And there was so much bad blood from the last time we tried - at government level as well as at the FA level". Fellow Asian candidate Sheikh Salman, who was trumped by Infantino, was not seen as offering change to the besieged body.
  • Ex-Mexican President Vicente Fox: Donald Trump 'Reminds Me Of Hitler'

    Ex-Mexican President Vicente Fox: Donald Trump 'Reminds Me Of Hitler'

    Speaking to CNN's Anderson Cooper , Vincente Fox (top left) said: '[Trump] is like Hitler in the beginning. Vincente Fox irked Donald Trump after using profane language when addressing Trump's border control plans.
    ​Interim Chelsea boss delighted with progress made

    ​Interim Chelsea boss delighted with progress made

    The Blues boss said: "He [Traore] is eager, we have now healthy competition going on with the strikers, in a very good atmosphere".
    Shooting, lockdown reported at OH high school

    Shooting, lockdown reported at OH high school

    Madison High School says 3 students have been confirmed injured after reports of a a shooting. Three area high schools, including Madison HS, remain on lockdown as police investigate.
  • China deploys fighter jets to contested island in S. China Sea

    China deploys fighter jets to contested island in S. China Sea

    Others will not participate being they don't have the ships or planes, "internal politics" or "their relationship with China". State Department on Tuesday, said he was supposed to visit the Pentagon Tuesday, but the visit was canceled.
    Manchester City Defeat Liverpool on Penalties to Win League Cup

    Manchester City Defeat Liverpool on Penalties to Win League Cup

    My word is more important than football... "Manchester City should not have scored their goal, we had to strike back and we did". We won a couple of penalty shoot-outs on the run to this final and you can't win them all.
    Kansas town grieves shooting with 'Hesston Hustler Strong'

    Kansas town grieves shooting with 'Hesston Hustler Strong'

    An affidavit filed in the case alleges that Hopkins knew Ford was a convicted felon who was prohibited from possessing a firearm. He is chief financial officer of a machine manufacturing company in nearby Moundridge, and she is an elementary school teacher.
  • Leicester forges ahead, Chelsea, West Ham win

    Leicester forges ahead, Chelsea, West Ham win

    On the other hand, Norwich City are in crisis mode, having only picked up one point in their last six league games. Ranieri said: "He felt something to his hamstring". "I told my players that it will be a big battle on Saturday".
    Budget 2016: Rocky road ahead for the auto sector

    Budget 2016: Rocky road ahead for the auto sector

    The one that Finance Minister Arun Jaitley presented in Parliament today is certainly one of the best so far, for which I heartily commend him.
    Body of 2nd missing canoer found in Donner Lake

    Body of 2nd missing canoer found in Donner Lake

    While ambient temperatures were relatively warm, the wind chill drove outside temperatures down making search conditions hard . The victims reportedly were visiting the Truckee area and staying along Donner Lake at a cabin.
popular

Hong Kong radical candidate makes strong showing in vote Hong Kong radical candidate makes strong showing in vote
His group is part of a fledgling movement advocating Hong Kong's independence as well as radical protest methods. The protests against mainland parallel traders is only one example of how radical approach can lead to change.

Four-year-old trapped by vending machine in Melbourne Four-year-old trapped by vending machine in Melbourne
Sergeant Ali Gurdag said the "unusual operation" was an 'exceptional performance. The child's hand was stuck in the anti-theft mechanism.

Delhi Police Opposes Kanhaiya Kumar's Bail Plea Delhi Police Opposes Kanhaiya Kumar's Bail Plea
The submission was made to the Delhi High Court which is hearing the bail plea of Kumar, the JNU student leader. The ASG also said Kanhaiya denied his role even during his joint interrogation by the IB and Delhi Police.

Moscow: woman carrying child's severed head is arrested Moscow: woman carrying child's severed head is arrested
One eyewitness at the underground station told MK how the woman screamed: 'My child was killed...I will blow up everyone'. The child's headless body was found in an apartment in northwestern Moscow after a fire was put out there, TASS said.

Pavelski, Hertl lead Sharks over Canucks 4-1 Pavelski, Hertl lead Sharks over Canucks 4-1
The Sharks managed just two shots on goal through the first 15 minutes of the second period and finish with four. Joe Pavelski , Tomas Hertl , Patrick Marleau , and Justin Braun tallied for the Sharks .

UFC 196 Fight Card UFC 196 Fight Card
And all of a sudden he's going to jump to 170? When Nathan mentioned it to him, he got defensive, he got angry. Because he would have said: 'Okay, let's go to 160 or let's go to 155′, because Nathan was ready for it.

England scrum-half Ben Youngs ready for England scrum-half Ben Youngs ready for "almighty" clash with Wales
It is his ability to take the pressure off his players in public whilst empowering them behind the scenes to hit new heights. If we had lost, we would be out of it", Gatland said.

Greg Abbott Endorses Ted Cruz in Republican Presidential Primary Greg Abbott Endorses Ted Cruz in Republican Presidential Primary
Twenty-four percent of likely voters said Castro as a VP selection would make them more likely to vote for the Democratic ticket. Political experts in Texas nevertheless believe Cruz will put it out, but they said he likely could not survive a loss.

Stop & Shop Union Postpones Strike Authorization Vote Stop & Shop Union Postpones Strike Authorization Vote
Five of their branches have been negotiating with Stop and Shop since January. Leaders of Local 1445 have not set a timetable for calling a strike.

Sorry, Malaysia, no Galaxy S7 for you Sorry, Malaysia, no Galaxy S7 for you
Water resistance: The phones can be submereged in five feet of water for up to 30 minutes, according to Samsung . Now, both LG and Samsung offer expandable storage options and both have made a decision to ditch this option.

Scott Kelly: What happens after a year in space? Scott Kelly: What happens after a year in space?
The monkey suit is a gift from Kelly's twin brother and fellow astronaut Mark Kelly who sent it to his brother in a care package. Analysis of Kelly and Kornienko will continue even after they return home. "I'm going to go home and jump in my pool", he said.

Robert Califf to lead FDA Robert Califf to lead FDA
The position of FDA commissioner was vacated in March 2015 when Margaret Hamburg stepped down after a six-year tenure. Califf said Wednesday he agrees about the gravity of the opioid analgesic epidemic in the United States.

Zika virus sickens two more Iowa travelers Zika virus sickens two more Iowa travelers
The agency advised their male sexual partners to use condoms after the trip or abstain from sex during the pregnancy. "We did not expect to see these brain abnormalities in this small case series of USA pregnant travelers", said Dr.

Zika Virus: US investigates into 14 sexually transmitted cases
These cases show the virus was possibly transmitted through sex from a man to his sexual partner. Don't just blame Zika on the bugs, blame Zika on climate change .

Vote tomorrow in Super Tuesday primary Vote tomorrow in Super Tuesday primary
Delegates are awarded to presidential candidates based on results of votes in each of the state's 36 congressional districts. That is in a state where only 11 percent of MA voters are registered Republicans and 35 percent are registered as Democrats.