Lear Announces Expiration of Solicitation Period for Alternative Acquisition Proposal
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
Web site: http://www.lear.com/
Company News On-Call: http://www.prnewswire.com/comp/518304.html
Posted on 3/27/2007