Lear-AREP terminate merger agreement

Lear Corporation stockholders at the firm’s annual meeting July 16 declined to approve a merger agreement with American Real Estate Partners despite an increase from $36 to $37.25 per-share in AREP’s offer price for Lear shares.

According to the merger agreement, AREP will receive a $12.5 million cash payment and 335,570 shares of Lear common stock since the deal was rejected.