Icahn Enterprises Increases Tender Offer Price To $10.00/shr For Federal-Mogul

(RTTNews) - Icahn Enterprises L.P. (IEP) announced an increase in the purchase price to be paid in its cash tender offer, through its indirect wholly owned subsidiary, IEH FM Holdings LLC), to acquire all of the outstanding shares of common stock of Federal-Mogul Holdings Corp. (FDML) not already owned by IEH or its affiliates, to $10.00 per Share. Icahn Enterprises and IEH are extending the Offer to 12:00 midnight, New York City time, on January 17, 2017. All other terms and conditions of the Offer remain unchanged.

Icahn Enterprises and IEH confirm that the increased offer price is their best and final offer price and that no further increase to the offer price or extension to the Offer will be made.

The best and final offer price of $10.00 per Share represents a premium of 8.1% over the previous offer price of $9.25 per Share and a premium of 101% over the closing price of the Shares on February 26, 2016 the last trading day prior to Icahn Enterprises' initial offer.

The depositary and paying agent for the Offer has informed Icahn Enterprises and Federal-Mogul that, as of 5:00 p.m., New York City time, on December 30, 2016, 3,252,371 Shares have been validly tendered and not properly withdrawn. The tendered Shares represent about 10.7% of the outstanding Shares, excluding Shares owned by Icahn Enterprises, IEH, American Entertainment Properties Corp., Federal-Mogul or any of their respective affiliates, and, together with the Shares already owned by IEH, represent approximately 83.9% of the outstanding Shares.

The final expiration date of the Offer is 12:00 midnight, New York City time, on January 17, 2017. In the event that a majority of the unaffiliated stockholders of Federal-Mogul do not validly tender sufficient Shares to satisfy the Minimum Tender Condition prior to the final expiration date of the Offer, Icahn Enterprises will terminate the Merger Agreement and its proposed acquisition of Federal-Mogul.