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LEAR-ICAHN
(2007-02-05)
(wgvu) - BILLIONAIRE INVESTOR ACTIVIST CARL
ICAHN IS LEADING A GROUP OFFERING TO BUY SUBURBAN DETROIT AUTO
SUPPLIER LEAR.
THE AMERICAN REAL ESTATE PARTNERS IS WILLING PAY ABOUT
$2.6 BILLION DOLLARS, WHICH IS 4% PREMIUM
OVER LEAR'S CLOSING STOCK PRICE ON FRIDAY.
LEAR SHARES ROSE 13.5% IN EARLY TRADING ON THE
NEW YORK STOCK EXCHANGE.
THE SOUTHFIELD COMPANY SAYS BOTH SIDES ARE NEGOTIATING SPECIFIC
TERMS AND THERE IS NO FORMAL AGREEMENT. ICAHN'S GROUP WANTS LEAR'S
SENIOR MANAGEMENT TO REMAIN IN PLACE UNDER THE DEAL.
LEAR HAD NEARLY $18 BILLION DOLLARS IN SALES IN 2006. IT
REPORTED A WIDER FOURTH-QUARTER LOSS AFTER TAKING CHARGES TO SELL
ITS INTERIORS UNIT.
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