Federal-Mogul Holdings Corp. previously announced that, on Feb. 28, 2016, its majority shareholder, Icahn Enterprises L.P. (IEP), proposed to purchase the shares of Federal-Mogul common stock not owned by IEP in a merger transaction pursuant to which the Federal-Mogul shareholders would receive $7 in cash for each of their Federal-Mogul shares, subject to the conditions set forth in the Feb. 28 letter to the Federal-Mogul board of directors.

Today, Federal-Mogul announced that, on June 17, it received an increased offer from IEP to purchase the shares of Federal-Mogul common stock not owned by IEP for $8 in cash for each of their Federal-Mogul shares, subject to the same conditions set forth in the Feb. 28 letter.

Consistent with its fiduciary duties, the Federal-Mogul board previously appointed a special committee of independent directors. This special committee, in consultation with its previously engaged independent financial and legal advisers, say they will carefully review and evaluate IEP’s revised proposal.