Lear affirms support for Icahn buyout, delays vote
Auto parts maker Lear Corp. reaffirmed its support for billionaire Carl Icahn's $36 per share buyout offer, but delayed a shareholder vote on it until July 12, the company said in a federal regulatory filing on Friday.
Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners next Wednesday. Earlier this week Institutional Shareholders Services recommended a vote against it.
Other large shareholders, including Pzena Investment Management, also have opposed the offer as too low for Lear, which produces automotive seating and electronics.
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