Form 8-K Federal-Mogul Holdings For: Jun 17
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 2016
Federal-Mogul Holdings Corporation
(Exact name of registrant as specified in its charter)
Delaware | 001-34029 | 46-5182047 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
27300 West 11 Mile Road, Southfield, Michigan |
48034 | |
(Address of principal executive offices) | (Zip Code) |
(248) 354-7700
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events |
On June 20, 2016, Federal-Mogul Holdings Corporation (the Company) announced that it had received a revised proposal from its majority shareholder, Icahn Enterprises L.P. (IEP), to purchase shares of the Companys common stock not owned by IEP in a merger transaction pursuant to which the shareholders would receive $8.00 in cash for each of their Company shares, an increase from IEPs previous offer of $7.00 in cash per share, pursuant to the terms set forth in its previous letter to the Board of Directors, dated February 28, 2016. A copy of the text of the June 17, 2016 letter from IEP, which was received by the Company subsequent to the market closing on that day, is included in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
99.1 | Press release issued by Federal-Mogul Holdings Corporation dated June 20, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Federal-Mogul Holdings Corporation | ||||||
(Registrant) | ||||||
Date: June 20, 2016 | ||||||
/s/ Michelle Epstein Taigman | ||||||
By: | Senior Vice President, General Counsel and Secretary |
EXHIBIT INDEX
99.1 | Press release issued by Federal-Mogul Holdings Corporation dated June 20, 2016. |
4
Exhibit 99.1
Federal-Mogul Receives Increased Offer from Icahn Enterprises L.P.
Southfield, Michigan, June 20, 2016 Federal-Mogul Holdings Corporation (NASDAQ: FDML) (Federal-Mogul) previously announced that on February 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 February 28th letter to the Federal-Mogul Board of Directors. Today, Federal-Mogul announced that the evening of June 17, 2016, it received an increased offer from IEP pursuant to which IEP proposed to purchase the shares of Federal-Mogul common stock not owned by IEP in a merger transaction pursuant to which Federal-Mogul shareholders would receive $8 in cash for each of their Federal-Mogul shares, subject to the same conditions set forth in the February 28th letter.
Consistent with its fiduciary duties, the Federal-Mogul Board of Directors previously appointed a special committee of independent directors. This special committee, in consultation with its previously engaged independent financial and legal advisors, will carefully review and evaluate IEPs revised proposal.
The full text of the letter received from IEP is set forth below:
June 17, 2016
Board of Directors
Federal-Mogul Holdings Corporation
27300 West 11 Mile Road
Southfield, Michigan 48034
Page 1
Gentlemen:
On February 28th, we offered to acquire the remaining shares of Federal-Mogul common stock not owned by Icahn Enterprises in a merger transaction pursuant to which Federal-Mogul shareholders would receive $7.00 per share in cash for their Federal-Mogul shares. We hereby increase our offer to $8.00 per share in cash, subject to the same conditions set forth in our original offer letter. We look forward to hearing from you.
Very truly yours, | ||
ICAHN ENTERPRISES L.P. | ||
By: | /s/ Keith Cozza | |
Name: | Keith Cozza | |
Title: | Chief Executive Officer |
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Forward-Looking Statements
Statements contained in this press release which are not historical fact constitute Forward-Looking Statements. Actual results may differ materially due to numerous important factors that are described in Federal-Moguls most recent report to the SEC on Form 10-K, which may be revised or supplemented in subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include, but are not limited to, the companys ability to successfully integrate and achieve the anticipated synergies from recent acquisitions, fluctuations in domestic or foreign vehicle production, fluctuations in the demand for vehicles containing our products, the companys ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and corresponding effects and general global and regional economic conditions. Federal-Mogul does not intend or assume any obligation to update any forward-looking statements.
About Federal-Mogul
Federal-Mogul Holdings Corporation (NASDAQ: FDML) is a leading global supplier of products and services to the worlds manufacturers and servicers of vehicles and equipment in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. The companys products and services enable improved fuel economy, reduced emissions and enhanced vehicle safety.
Page 2
Federal-Mogul operates two independent business divisions, each with a chief executive officer reporting to Federal-Moguls Board of Directors.
Federal-Mogul Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul Motorparts sells and distributes a broad portfolio of products through more than 20 of the worlds most recognized brands in the global vehicle aftermarket, while also serving original equipment vehicle manufacturers with products including braking, wipers and a range of chassis components. The companys aftermarket brands include ANCO® wiper blades; Champion® spark plugs, wipers and filters; AE®, Fel-Pro®, FP Diesel®, Goetze®, Glyco®, Nüral®, Payen® and Sealed Power® engine products; MOOG® chassis components; and Ferodo®, Jurid® and Wagner® brake products.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide headquarters in Southfield, Michigan. The Company has more than 53,000 employees globally. For more information, please visit www.federalmogul.com
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CONTACT: | ||
Investor Relations | Media | |
Jim Zabriskie | Susan Fisher | |
Federal-Mogul Holdings Corporation | Federal-Mogul Holdings Corporation | |
+1 (248) 354-8673 | +1 (248) 354-0926 |
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