July 16 (Bloomberg) -- Lear Corp. shareholders rejected Carl Icahn's $2.9 billion buyout offer, handing a victory to a group of investors who led a five-month battle against the sale of the automotive-seat maker.

The company announced the result at its shareholder meeting today in Wilmington, Delaware. Lear, based in Southfield, Michigan, didn't immediately give details of the vote tally.

The rejection ends a struggle between Lear management, which supported the sale to the billionaire investor's American Real Estate Partners LP, and dissident shareholders including Pzena Investment Management LLC. Pzena and other sale opponents said Icahn's $37.25-a-share proposal was too low.

When Lear agreed to the Icahn bid in February, ``we had a clear strategy and business plan for the future,'' Chief Executive Officer Robert Rossiter said in a statement. ``We will continue to execute that plan.''

Shares of Lear rose 28 cents to $37.18 at 1:41 p.m. in New York Stock Exchange composite trading. They gained 25 percent this year through July 13.

To contact the reporter on this story: Mike Ramsey in Wilmington, Delaware, at mramsey6bloomberg.net

Last Updated: July 16, 2007 13:42 EDT