(Reuters) - The company said the offer from Icahn's American Real Estate Partners LP was not supported by a majority of shareholders who voted at its annual meeting in Wilmington, Delaware.
Lear's board of directors had recommended that shareholders approve the sweetened $3 billion, or $37.25 per share, offer. But it met opposition from influential advisory firm Institutional Shareholder Services as well as Lear's second-biggest shareholder, Pzena Investment Management LLC, and the California State Teachers' Retirement System, which argued that it undervalued the company.
Read more at Reuters.com Bonds News
Lear's board of directors had recommended that shareholders approve the sweetened $3 billion, or $37.25 per share, offer. But it met opposition from influential advisory firm Institutional Shareholder Services as well as Lear's second-biggest shareholder, Pzena Investment Management LLC, and the California State Teachers' Retirement System, which argued that it undervalued the company.
Read more at Reuters.com Bonds News
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