Shareholders of Lear Corp. reject a proposal from billionaire investor Carl Icahn that would have taken the Southfield, MI-based auto supplier private in a $2.9 billion deal.

At the company’s annual meeting in Wilmington, DE, Monday, shareholders vote down an offer from Icahn’s American Real Estate Partners LP that would have paid them roughly $37.25 per share.

Management favored the deal, but some shareholders and a number of consulting firms reportedly considered the company worth more.

One shareholder told The Associated Press that Lear soon would be worth $60 per share. But a spokesman for Lear recently went so far as to characterize the consultants’ analysis as “superficial.”

“When we take a look at it, all the factors and risk, we conclude…this is a fair deal for shareholders,” Lear’s Mel Stephens tells the AP.

In a statement from the company following the vote, Lear Chairman and CEO Bob Rossiter says management will continue to execute “the clear strategy and business plan” it had prior to entering into an agreement with Icahn.

The news sent shares of Lear up $0.05 to $36.95 in afternoon trading.