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DETROIT (AP) - Lear Corp.'s board is recommending that shareholders of the auto parts supplier vote in favor of a buyout offer valued at about $2.8 billion from a group affiliated with billionaire investor Carl Icahn, according to a federal filing Tuesday.
The maker of automobile seats and electronic systems said in a preliminary proxy statement filed with the Securities and Exchange Commission that the board determined the offer is fair and in the best interests of the Southfield-based company and its stockholders. The board considered the recommendation of a special committee of independent directors.
Under the agreement announced last month, Icahn-controlled American Real Estate Partners LP is paying $36 a share, and Lear said at the time that it amounts to about $2.8 billion. The buyers would also assume about $2.5 billion in debt.
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