Lear Corp. Officially Agrees to Icahn's Buyout Offer

We now have the news on Lear Corporation (LEA). The company agreed to be acquired by Carl Icahn's American Real Estate Partners, L.P. affiliate for $36 per share.

So Icahn wasn't bluffing!

Many shareholders will likely be disappointed with the deal, especially the ones that ran the stock up to $40.07 on hopes of a higher offer. 10% shareholder Pzena Investment, which said the stock is worth $60, is already out against the deal. This could be a battle.

Other key items:

Under the terms of the agreement, Lear may solicit alternative proposals from third parties for a period of 45 days

If Lear accepts a superior proposal, a break-up fee would be payable to AREP.