Icahn plays cocky

Threat to reverse on Federal-Mogul

Carl Icahn is driving hard against Mario Gabelli in the battle over a piece of autoparts maker Federal-Mogul.

Icahn, two days after failing to gain enough support for his $9.25-a-share tender offer, said on Wednesday he might pull the offer when it expires on Dec. 15.

The comment sent shares of the Southfield, Mich., company falling 4.7 percent, to $9.46.

Icahn owns 82 percent of the company and is looking to increase his stake to 90 percent so he can take it private.

Gabelli, who owns 11 million of the 30 million Federal-Mogul shares not owned by Icahn, according to regulatory filings, wants the activist investor to raise his offer.

But Icahn is holding firm — and on Nov. 15, after fail- ing to win support from 50 percent of the outstanding shareholders, extended the offer for a month but did not boost the price.

Over the last year, he has raised his bid from $7 in February to $8 in June, and then $9.25 in September.

Federal-Mogul has loans coming due in the first quarter of 2018, and with the company facing a likely refi at higher rates, a higher tender price is not practicable, sources familiar with Icahn’s thinking told The Post.

Gabelli believes the $1.6 billion market-cap company is worth $13, according to a report put out by the investor’s company.

Icahn in the past has shown he is willing to pull tender offers and walk away from deals.

In January 2012, he pulled a $15 tender offer for recycler Commercial Metals. The company is now trading at $21.41.

Later that year, he withdrew a $32.50-a-share offer to buy shares in truck maker Oshkosh Corp. The company is now trading at $66.73.

Some shareholders believe Icahn will not walk away because he needs to take Federal-Mogul private so there is no conflict with his privately held auto-parts retailer, Pep Boys, sources said.

Icahn did not return calls.