Visteon Shirks $1.25B Bid From Johnson Controls

Law360, New York (May 21, 2010, 5:37 PM EDT) -- Automotive parts supplier Visteon Corp. has balked at an unsolicited $1.25 billion offer for its interiors and electronics businesses, saying the proposal from Johnson Controls Inc. is missing important information and that the bid could have been introduced to delay Visteon's Chapter 11 reorganization.

On Friday, Johnson Controls announced that it had sent a letter the previous day to Visteon expressing interest in buying two of the company's units. Later the same day, Visteon shot back with a skeptical response that questioned the timing and details...
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