Carl Icahn on Monday stepped up his pursuit of Lear Group, the US maker of car interiors, by making an all-cash bid for the company worth $36 per share, or $2.4bn. The move by the veteran activist investor follows a period of restructuring at Lear, which has been struggling to compete amid turmoil at its most important clients: General Motors, Ford and DaimlerChrysler. The bid values Lear only 4 per cent higher than its market capitalisation on Friday. By Friday’s close, Lear shares had risen about 60 per cent since Mr Icahn disclosed in October he had upped his stake in the company to 16 per cent.

This entry was posted by Helen Thomas on Tuesday, February 6th, 2007 at 5:01 and is filed under M&A, People. Tagged with carl icahn, lear group. Edit this entry.