Lear stockholders to vote June 27 on proposed merger with Icahn affiliate

By Lisa Kerner

Charlotte, N.C., May 17 - Lear Corp. shareholders will vote on the proposed merger with Carl C. Icahn affiliate American Real Estate Partners, LP at the annual meeting to be held at 10 a.m. ET on June 27 in Wilmington, Del.

On Feb. 9, American Real Estate Partners entered into an agreement to acquire Lear for $36 per share in an all-cash transaction valued at roughly $5.3 billion, including debt, according to a company news release. The agreement includes a breakup fee of about $85.2 million, plus up to $15 million for expenses.

Both the solicitation period and the Hart-Scott-Rodino waiting period under the merger agreement have expired.

Following the closing, Lear common stock will no longer be listed on the New York Stock Exchange.

New York-based American Real Estate Partners is a diversified holding company.

Lear is an automotive interior systems and components supplier located in Southfield, Mich.

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