Lear investor Pzena contacts shareholders to oppose proposed sale to American Real Estate Partners

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Lear Corp. investor Pzena Investment Management, LLC said it has contacted and intends to continue contacting other shareholders and possibly directors regarding the proposed sale of the company to Carl C. Icahn affiliate American Real Estate Partners LP.

Pzena, which owns 6,776,279 shares of Lear, or 10.05% of shares outstanding, believes the offer of $36.00 per share is too low and should be closer to $60 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

Lear is an automotive interior systems and components supplier located in Southfield, Mich.

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