ICAHN’S SWEETER LEAR BID
Still smarting from setbacks hurting his other takeover plays, Carl Icahn is sweetening his bid for Lear Corp. just days ahead of a crucial shareholder vote.
Icahn yesterday upped his bid to $3 billion for the auto-parts firm following pressure from other shareholders and insiders that the company is worth much more.
Icahn put an additional $96 million on the table – boosting his offer to $37.25 per share from $36 a share.
Shareholders were scheduled to vote Thursday, but the board – which favors Icahn’s takeover – moved the balloting to July 19.
Icahn, the largest shareholder of Lear with 16 percent, stands to get a $25 million break-up fee if he doesn’t win the shareholder vote.
The company’s second-largest shareholder was incensed, and vowed to vote against the bid.
“That is beyond belief to me that the company is saying, ‘If you don’t approve this, we have to pay Carl Icahn,’ ” said Richard Pzena, whose Pzena Investment Management LLC holds 8.6 percent of Lear.
“It is highly unusual and very coercive. It’s saying to shareholders, ‘If you don’t do this, it will cost you.’ ”
Shareholder advisory firm Institutional Shareholder Services also recommended a vote against the $36-per-share offer.
Lear shares rose 99 cents, or 2.8 percent, to $36.85 in New York Stock Exchange composite trading.
Lear makes seats, interiors and wiring for most major auto makers around the world, with locations in 33 nations.

