Lear shareholders repel Icahn bid

Mr Icahn owns nearly 16% in Lear Corporation

Shareholders at Lear Corporation have voted to reject a $2.9bn (£1.4bn) buyout offer from billionaire investor Carl Icahn.

His American Real Estate Partners had made an offer worth $37.25 a share, and said it would help the car parts firm achieve its long-term plan to expand.

Critics, including shareholder advisory services and some large shareholders, had said the firm was worth much more.

Lear makes a range of parts including car seats and door panels.

The firm said the offer was not supported by a majority of shareholders who voted at its annual meeting.

Officials at Lear had indicated that the offer is an attractive one.

But three shareholder advisory services - Institutional Shareholder Services, Proxy Governance and Glass Lewis - last week repeated earlier recommendations for shareholders to reject the proposal.

Richard Pzena, who holds 8.6% of Lear shares through Pzena Investment Management LLC - the largest stake after Mr Icahn's nearly 16% - had also opposed the deal.