Lear (LEA) Agrees To Be Acquired By Icahn Affiliate for $36 Per Share
We now have the news on Lear Corporation (NYSE: LEA). The company agreed to be acquired by Carl Icahn's American Real Estate Partners, L.P. affiliate for $36 per share.
So Icahn wasn't bluffing!
Many shareholders will likely be disappointed with the deal, especially the ones that ran the stock up to $40.07 on hopes of a higher offer. 10% shareholder Pzena Investment, which said the stock is worth $60, is already out against the deal. This could be a battle.
Other key items:
Under the terms of the agreement, Lear may solicit alternative proposals from third parties for a period of 45 days
If Lear accepts a superior proposal, a break-up fee would be payable to AREP.
Link to past reports on the situation
So Icahn wasn't bluffing!
Many shareholders will likely be disappointed with the deal, especially the ones that ran the stock up to $40.07 on hopes of a higher offer. 10% shareholder Pzena Investment, which said the stock is worth $60, is already out against the deal. This could be a battle.
Other key items:
Under the terms of the agreement, Lear may solicit alternative proposals from third parties for a period of 45 days
If Lear accepts a superior proposal, a break-up fee would be payable to AREP.
Link to past reports on the situation
Labels: Carl Icahn, LEA, Lear Corporation
posted by Lon at 9:41 AM
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