Lear Corp. enters into an agreement with American Real Estate Partners LP (AREP), an affiliate of Carl C. Icahn, whereby AREP will acquire the struggling supplier for about $5.3 billion, or $36.00 per share. Closure of the deal, which also calls for Chairman and CEO Bob Rossiter and the rest of the senior management team to remain with the company, is expected by the end of the second quarter, Lear says. In addition, the agreement allows Lear to solicit alternative proposals from third ...

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