Auto parts maker Lear Corp avoided a proxy battle with investors Marcato Capital Management LLC and Oskie Capital Management LLC by agreeing to increase and quicken the pace of its share buyback program and add a board member.Marcato - a $1.4 billion hedge fund run by Mick McGuire, one of activist investor William Ackman's former partners - put pressure on Lear in February, saying it planned to nominate candidates to the company's board.Marcato and Oskie have withdrawn their slate and will support the company's nominees, Lear said on Monday, after it agreed to expand the size of its board to nine from eight.Marcato reported a 5.2 percent stake in Lear in February, but said in March it had raised its holding to 5.9 percent. ()
Lear Corporation is a tier 1 supplier to the global automotive industry. Shares of LEA traded higher by 1.14% or $0.625/share to $55.50. In the past year, the shares have traded as low as $34.81 and as high as $56.70. On average, 1080100 shares of LEA exchange hands on a given day and today's volume is recorded at 521460.
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