Lear Shareholders Turn Down Icahn’s $2.9B Offer
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Lear Corp. shareholders turned down Carl Icahn’s $2.9 billion buyout offer, handing a victory to a group of investors who led a five-month battle against the sale of the automotive-seat maker.
The company announced the result at its shareholder meeting today in Wilmington, Del. Lear, based in Southfield, Mich., didn’t give details of the vote tally.
The rejection ends a struggle between Lear management, which supported the sale to the billionaire investor’s American Real Estate Partners LP, and dissident shareholders including Pzena Investment Management LLC. Pzena and other sale opponents said Mr. Icahn’s $37.25-a-share proposal was too low.
