Icahn Automotive Completes Acquisition Of Precision Auto Care Inc.
“We are extremely pleased to welcome to the Icahn Automotive family more than 320 corporate-owned and franchised Precision Tune service locations in the U.S. and internationally,” said Daniel Ninivaggi, CEO of Icahn Automotive Group LLC.
Pep Boys Adds To National Automotive Service Network With AutoMaster Acquisition
AutoMaster, a family-run business since 1998, is an eight-bay shop located in Southington, a Southwestern suburb of Hartford, Connecticut. It will be converted into a full-service Pep Boys Service & Tire Center.
Pep Boys Continues Expansion Of National Automotive Service Network
Pep Boys has acquired PJ’s Auto & Tire Center in Franklin Square, New York, and opened a new Service & Tire Center in Bordentown, New Jersey.
Icahn Automotive Enters Into Definitive Agreement To Acquire Precision Auto Care Inc.
Precision Auto Care, in business for more than 40 years, has service locations in 26 states, with concentrations in Georgia, North Carolina and South Carolina.
Federal-Mogul Announces Plan To Separate Into Two Distinct Global Automotive Suppliers
The planned separation will be implemented through a tax-free distribution of Federal-Mogul’s Motorparts division to shareholders of Federal-Mogul Holdings Corp.
Federal-Mogul Board Of Directors Appoints Daniel Ninivaggi Co-CEO, CEO Of Vehicle Components Group
He is replacing Kevin Freeland, who is leaving the company for personal reasons.
Lear Shareholders Shoot Down Icahn’s Bid to Buy
From Detroit Free Press WILMINGTON, DE — Lear Corp. shareholders rejected a bid to sell the Southfield, MI-based automotive seat maker to billionaire financier Carl Icahn. The news means Lear will stay a public company, culminating a five-month battle in which three investor proxy firms suggested that shareholders reject the deal. The company didn’t disclose
Investor Objects to Icahn’s Lear Offer
As the deadline closed for actively seeking offers, Lear Corp.’s second-largest shareholder filed a letter Monday with the U.S. Securities and Exchange Commission raising objections to the lone outside bid received so far for the company. Lear’s Board of Directors urged shareholders last week to approve a $5.3-billion buyout led by billionaire Carl Icahn, whose group is the largest shareholder with 16 percent of Lear’s outstanding stock. The Icahn offer would pay shareholders $36 a share. A 45-day window for the company to actively solicit other offers ended Monday night. No other bidders had been reported by the company as of late Monday.
Lear Board Backs Icahn-led Buyout
From AFX News Limited DETROIT — Lear Corp.’s board is recommending that company shareholders vote in favor of a buyout offer by a group affiliated with billionaire investor Carl Icahn for about $2.8 billion, but some stockholder opposition to the deal remains. The automotive supplier said in a preliminary proxy statement filed Tuesday with the
Lear Sells $200 Million in Shares to Icahn Group
Automobile parts maker Lear Corp. has agreed to issue $200 million of common stock in a private placement to affiliates of and funds managed by billionaire financier Carl Icahn. The offering includes 8,695,653 shares of Lear common stock issued at $23 per share. Under the deal, Icahn will have the right to place a representative on Lear’s board.