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Press Room Lear Announces Expiration of Solicitation Period for Alternative Acquisition Proposal

PRNewswire-FirstCall
SOUTHFIELD, Mich.
(NYSE:LEA)

SOUTHFIELD, Mich., March 27 /PRNewswire-FirstCall/ -- Lear Corporation (NYSE: LEA) today announced that the solicitation period under its merger agreement with American Real Estate Partners, L.P. (NYSE: ACP), "AREP", an affiliate of Carl C. Icahn, has expired, without the Company having received an acquisition proposal from another party. As permitted by the merger agreement, Lear will continue on-going discussions with certain parties who had expressed an interest in exploring a possible acquisition proposal prior to the expiration of the solicitation period. No assurance can be given that such discussions will result in an alternative acquisition proposal.

In addition, the Company was notified that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act for the review of the proposed merger with AREP has expired.

Lear Corporation is one of the world's largest suppliers of automotive interior systems and components. Lear provides complete seat systems, electronic products and electrical distribution systems and other interior products. With annual net sales of $17.8 billion in 2006, Lear ranks #127 among the Fortune 500. Lear's world-class products are designed, engineered and manufactured by a diverse team of 104,000 employees at 265 facilities in 33 countries. Lear's headquarters are in Southfield, Michigan, and Lear is traded on the New York Stock Exchange under the symbol [LEA]. Further information about Lear is available on the Internet at http://www.lear.com/.

SOURCE: Lear Corporation

CONTACT: Mel Stephens, Vice President - Communications of Lear
Corporation, +1-248-447-1624

Web site: http://www.lear.com/

Company News On-Call: http://www.prnewswire.com/comp/518304.html

Posted on 3/27/2007

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