AUTOS

Lear to Buy Masland for $384 Million: The world’s largest independent supplier of automotive interiors has a definitive agreement to acquire Masland Corp., the firms said. Masland is a supplier of automotive floor systems, acoustical products and luggage compartment trim. Under the agreement, Lear Corp.’s PA Acquisition Corp. unit will launch a tender offer of $26 for each of Masland’s roughly 14.8 million shares outstanding. All other shares will be acquired for the same price in cash in a second-step merger. The companies said their boards had approved the deal, which is now subject to Lear’s bank group to use $1.475 billion credit facility to fund the purchase. Southfield, Mich.-based Lear’s stock rose $2.50 to $37.625 on the New York Stock Exchange. Carlisle, Pa.-based Masland’s stock rose $1.25 to $25.75 on Nasdaq.