Monday, February 05, 2007

Icahn Offers to Acquire Lear for $36/Share

This morning, Lear Corporation (NYSE: LEA) disclosed that American Real Estate Partners LP, an affiliate of Carl Icahn, made an offer to acquire the company for $36.00 per share in cash. Lear said it's board will formally consider the proposal and noted that the proposal contemplates that Bob Rossiter, Lear's chairman and CEO, and the rest of the senior management team will remain with the Company.

In November we noted that Icahn received antitrust OK to boost his stake in Lear.

Shares of Lear are trading at $38.90, up $4.23, following the news.

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