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WILMINGTON, Del., July 16 (UPI) -- Lear Corp. shareholders nixed Carl Icahn's $2.9 billion buyout offer Monday, saying it undervalued the Southfield, Mich., auto-parts supplier.
Icahn's American Real Estate Partners said it respected the shareholders' decision, made public at Lear's annual shareholders' meeting.
Icahn's company raised its offer to $37.25 a share from $36 last week and said the merger agreement would terminate if shareholders rejected the deal Monday.
Lear shares closed at $37.50, up 60 cents, or 1.63 percent, on the New York Stock Exchange.
Icahn, who is Lear's biggest shareholder with a 15.6 percent stake, did not attend the meeting.
The failure to approve the offer entitles American Real Estate Partners to a $12.5 million cash payment and 335,570 shares of Lear stock. These payments were negotiated as part of Icahn's sweetened per-share offer.
Lear, which makes automotive seats and electronic systems, also agreed to increase the Icahn group's share ownership limit to 27 percent from 24 percent of Lear's outstanding common stock.
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