Lear Corp. (NYSE:LEA) shares rose $0.87, or 2.43%, to $36.73 after Carl Icahn increased his buyout offer for the company to $37.25/share from a previous $36/share offer. The revised offer comes after Penza Investments voiced strong opposition along with two shareholder advisory firms.

The shareholders criticized the $36/share offer saying it undervalued the company; however, Icahn argued that the company still faced substantial risks as a North American supplier. Shareholders countered saying that the company has improved its footing in the difficult auto-supplier segment.

Shareholders are expected to vote on the new proposal at the company's next annual meeting scheduled for July 16th. There is no word on whether the new proposal has widespread support from shareholders, but many analysts believe that the offer remains undervalued. The prospects for a higher buyout offer in the future makes LEA a stock worth watching!

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