Lear Corp. shareholders rejected a $2.9 billion buyout offer Monday from a firm led by billionaire investor Carl Icahn, mounting enough opposition amid concerns that the bid undervalued the auto supplier.
Icahn's American Real Estate Partners LP had improved its offer in the past week to $37.25 a share, but some shareholders said Lear was worth far more and questioned whether the deal was in their best interest.
"It's a clear message to the management that the company belongs to its shareholders, not to you," said Richard Pzena, the head of the second-largest shareholder who rallied opposition to the deal.
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Icahn's American Real Estate Partners LP had improved its offer in the past week to $37.25 a share, but some shareholders said Lear was worth far more and questioned whether the deal was in their best interest.
"It's a clear message to the management that the company belongs to its shareholders, not to you," said Richard Pzena, the head of the second-largest shareholder who rallied opposition to the deal.
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