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Federal-Mogul Holdings Corp (FDML): Billionaire Carl Icahn Raises Offer to Buy Remaining Stock

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Billionaire Carl Icahn‘s Icahn Capital LP recently filed a 13D filing with the US Securities and Exchange Commission, which revealed a letter sent to the board of  Federal-Mogul Holdings Corp (NASDAQ:FDML). According to the letter, Icahn raised its offer to buy the remaining shares of Federal-Mogul Holdings  to $8.00 per share from the $7.00 bid announced in February, then the investor expressed its intention to acquire the company. Icahn Capital LP owns 138.6 million shares of Federal-Mogul Holdings Corp (NASDAQ:FDML), as disclosed in its latest 13F filing with the US Securities and Exchange Commission, for the end of March. The stake amasses over 80% of Federal-Mogul Holdings’ outstanding stock.

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Federal-Mogul Holdings is a company that produces vehicle safety products, and powertrain components, and recently it has created a new website on which more detailed information on their products and brands can be found. Since the beginning of the year, the company’s stock has lost 30.71%. In its latest financial reported for the first quarter of the current year, Federal-Mogul Holdings disclosed earnings per share of $0.31 and revenue of $1.9 billion, beating the expectations by $0.04 and $10 million, respectively.

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According to Insider Monkey’s database, at the end of March eight investors were long Federal-Mogul Holdings Corp (NASDAQ:FDML), down from nine funds a quarter earlier. Among them, the biggest position was disclosed by Icahn Capital LP, valued at $1.37 billion, followed by Murray Stahl’s Horizon Asset Management, which reported holding about $3.6 million worth of stock. Remaining investors that are bullish on this stock included David E. Shaw’s D E Shaw, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Jim Simons’ Renaissance Technologies.

On the other hand, investors who lost interest in this stock and sold off their positions are Ken Griffin’s Citadel Investment Group  and John A. Levin’s Levin Capital Strategies, which dropped off positions worth around  $0.9 million and $0.1 million, respectively.

You can access the original SEC filing by clicking here.

Carl Icahn
Carl Icahn
Icahn Capital LP

Page 1 of 4 – SEC Filing

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
Federal-Mogul Holdings Corporation
(Name of Issuer)
Common Stock, Par Value $0.01
(Title of Class of Securities)
313549 404
(CUSIP Number)
Jesse A. Lynn, Esq.
General Counsel
Icahn Enterprises L.P.
767 Fifth Avenue, 47th Floor
New York, New York 10153
(212) 702-4380
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 17, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box / /.
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d‑7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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