Auto Plus expects to continue to operate its business in the ordinary course and plans to run a sale process for substantially all its assets during the Chapter 11 case.
The board will temporarily expand to 12 directors, until Raymond E. Mabus Jr.’s retirement, at the 2022 Annual Meeting.
Icahn Enterprises Acquires American Driveline Systems, Franchisor Of AAMCO And Cottman Service Centers
With the addition of ADS, Icahn Automotive now operates approximately 1,900 owned and franchised service locations in 49 states plus Puerto Rico, the District of Columbia and several other international locations.
Federal-Mogul will continue to operate through its separate Powertrain and Motorparts segments, each with its own CEO reporting to the board of directors of Federal-Mogul.
The completion of the offer is the first step in Icahn Enterprises’ two-step acquisition of Federal-Mogul. Following the merger, Federal-Mogul’s common stock will cease to be traded on the NASDAQ Global Select Market.