updated 2/9/2007 9:46:29 AM ET 2007-02-09T14:46:29

Auto parts supplier Lear Corp. said Friday that it has agreed to be acquired by a group affiliated with billionaire investor activist Carl Icahn for about $2.8 billion.

Under terms of the deal, Icahn-controlled American Real Estate Partners LP is paying $36 a share, and a Lear spokesmnan said that amounts to about $2.8 billion.

That is more than $4 a share below its closing price of $40.07 on Thursday when takeover speculation drove Lear's price higher.

The buyers are also assuming about $2.5 billion in debt in the deal.

Under the terms of the agreement, Southfield-based Lear may solicit alternative proposals for 45 days from the execution of the agreement and intends to consider any such proposals with the assistance of its independent advisers.

Otherwise, the company said the deal is expected to close by the end of the second quarter.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com