Icahn Boosts Lear Bid, but Foes Aren’t Buying
From Detroit Free Press Headed toward a showdown against some other Lear Corp. shareholders next week, billionaire financier and legendary corporate raider Carl Icahn reluctantly raised his bid Monday for the Southfield, MI-based maker of automotive seats. But Icahn’s new bid — $37.25 per share instead of $36 — wasn’t enough to change the minds
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.
Auto Plus Joins Aftermarket Auto Parts Alliance
Auto Plus, with 325 corporate stores and 21 distribution centers, is part of Icahn Automotive Group LLC.
Q&A With Brian Kaner, CEO & President, Pep Boys
Today we hear from Brian Kaner, CEO & President of Pep Boys, and president of the Icahn Automotive Service Division.
The Week In Pictures: From Record-Setting Training Events To The ‘Race To 2026’
It was a busy week for the automotive aftermarket – From Auto-Wares’ annual training event in Grand Rapids to the launch of Icahn Automotive’s “Race to 2026” technician initiative on the UTI campus in Mooresville, North Carolina, and more.
Lordstown Motors Stockholders Elect New Independent Directors
Joseph B. Anderson, Jr., Laura J. Soave and Angela Strand were elected as independent directors.
Top 5 Stories Of The Week
A recap of the top five stories on aftermarketNews during the week of July 5.
Advance Announces Leadership Changes; Store Expansion In CA
Mike Broderick, executive vice president, merchandising and store operations support, is leaving Advance for a CEO role.
