Lear: solicitation period, waiting period expire in merger agreement with American Real Estate Partners

By Lisa Kerner

Charlotte, N.C., March 27 - The solicitation period and the Hart-Scott-Rodino waiting period both provided under the merger agreement between Lear Corp. and Carl C. Icahn affiliate American Real Estate Partners, LP have expired.

Lear did not receive an acquisition proposal from another party but will continue ongoing discussions with certain interested parties as allowed under the agreement, according to a company news release.

On Feb. 9, American Real Estate Partners entered into an agreement to acquire Lear for $36.00 per share in an all-cash transaction valued at roughly $5.3 billion, including debt.

The agreement includes a breakup fee of about $85.2 million, plus up to $15 million for expenses.

Following the closing, which is expected in the second quarter, Lear common stock will be cease being listed on the New York Stock Exchange.

New York-based American Real Estate Partners is a diversified holding company.

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

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