Billionaire Carl Icahn’s investment firm, Icahn Enterprises (IEP), sweetened its offer for a third time to buy shares of Federal-Mogul Holdings it does not already own.
The latest offer of $10 per share represents a discount of 3% to Federal-Mogul’s Friday close but is double the closing price on Feb. 26, the day before Icahn made his first offer of $7 a share.
Federal-Mogul’s shares were down 2.7% at $10.03 on Tuesday.
Icahn Enterprises raised the offer for the first time to $8 per share in June and to $9.25 per share in September.
The latest offer comes after Icahn failed to get enough Federal-Mogul stock owners to tender their shares in favor of the deal.
Icahn Enterprises, which owns about 82% of the auto parts maker, said the $10 per share offer was its “best and final” price.
The investment firm will pay about $304.3 million for the 18% stake under the latest offer, according to Reuters calculations.