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Article: Late News.(Lear Corp. (Southfield, Michigan) acquired by Carl Icahn)(Primedia Inc. selling its Enthusiast Media segement)(Hyundai Motor America appointed David Zuchowski and Joel Ewanick )
- Article from:
- Automotive News
- Article date:
- February 12, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lear accepts Icahn buyout offer
DETROIT - Lear Corp. said Friday that it has agreed to be sold to a company controlled by New York investor Carl Icahn in a cash transaction valued at $5.3 billion, including assumption of debt.
Lear shareholders would get $36 a share in cash - less than the $40.07 share price on Thursday, Feb. 8. Icahn also would keep the seating giant's senior management. Lear said it would solicit other offers over the next 45 days. Icahn made an initial offer Feb. 5. Lear stock closed at $39.39 on Friday.
If Lear accepts another offer, Icahn would get a termination fee of $85.2 million and as much as $15 million in expenses ...