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.
AMN Year in Review: Top Distribution News of 2023
Find out which stories made our Top 10 list in the auto parts distribution segment of the automotive aftermarket.
Factory Motor Parts Acquires Select Auto Plus Locations
The deal comes after Carl Icahn’s aftermarket auto parts chain won court approval to sell most locations to FMP.
Lordstown Motors Stockholders Elect New Independent Directors
Joseph B. Anderson, Jr., Laura J. Soave and Angela Strand were elected as independent directors.
Auto Plus Joins Aftermarket Auto Parts Alliance
Auto Plus, with 325 corporate stores and 21 distribution centers, is part of Icahn Automotive Group LLC.
People On The Move: Week Of Jan. 10
A look back at personnel changes of the past week.
Pep Boys Awards $100K In Scholarships
Company invites award winners to participate in #PepBoysRoadTrip events as its Centennial Celebration continues nationwide.
Top 5 Stories Of The Week
A recap of the top five stories on aftermarketNews during the week of July 5.
