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Parts supplier Lear agrees to a buyout

By TIMES WIRES
Published February 10, 2007

Auto parts supplier Lear Corp. said Friday that it has agreed to a buyout offer by a group affiliated with billionaire investor activist Carl Icahn for about $2.8-billion, but left the door open for a better offer. Under the deal, which already has opposition, Icahn-controlled American Real Estate Partners LP will pay $36 a share, or about $2.8-billion. It also includes the assumption of about $2.5-billion in debt.

Redskins owner to buy restaurants

Washington Redskins owner Daniel Snyder said Friday he will buy Johnny Rockets, the 1950s-style diner chain that features burgers, fries and a wait staff that dances and sings to oldies tunes. Snyder's investment arm, RedZone Capital Fund II, will acquire the Lake Forest, Calif.-based chain, which operates more than 200 restaurants nationwide, including 24 in Florida and several in Tampa Bay. Terms of the purchase were not released.

Playboy back issues on discs

Friday, Playboy, in an attempt to get back in step with the times, unveiled plans to make its entire text and photo archive available digitally. The new venture will allow consumers to peruse Playboy's articles and photos on DVD. All 636 issues of the monthly will be rendered page-by-page on six discs - one for each decade. The first two discs will hit stores in October. The price: $100 each.

Chrysler to drop 1,000 more jobs

The Chrysler Group expects to eliminate about 1,000 white-collar jobs - primarily in Michigan - as part of a major restructuring to be announced next week, according to people familiar with the plans. The cuts will be in addition to more than 10,000 hourly jobs likely to be slashed in the top-to-bottom overhaul of the company.

A second Fed seat is coming open

Susan Bies, who has been a governor at the Federal Reserve since 2001, announced Friday that she will leave at the end of March. Bies, 59, said she plans to spend more time with her family. With Bies' departure, President Bush will have two vacancies to fill on the central bank.

Winn-Dixie due $18.9M from IRS

Winn-Dixie Stores Inc. will receive $18.9-million after settling a dispute with the Internal Revenue Service, officials said. The IRS agreed in U.S. Bankruptcy Court on Thursday to pay the grocery chain within five days, said Jay Castle, senior director of litigation for Winn-Dixie. Castle said the reason for the refund was operating losses in 2005.

Honda plans a recall of hybrids

Honda Motor Co. plans to recall 45,335 Civic Hybrid sedans worldwide to repair a voltage converter defect that could stop the car's engine, a company spokeswoman said Friday. The affected vehicles were manufactured between September 2005 and September 2006.

[Last modified February 9, 2007, 23:47:03]