Lear Chairman Says Other Possible Suitors Emerged

Lear Siegler Chairman Norman A. Barkeley indicated for the first time Tuesday that others besides AFG Partners “have expressed interest in acquiring the company” and said he is willing to meet with the potential buyers.

He would not elaborate on the statement, and there was no indication of the identity of the others expressing interest in buying the aerospace and manufacturing conglomerate based in Santa Monica.

In his first public response to takeover pressures, Barkeley also said that Lear Siegler will continue to explore a corporate restructuring and other moves to increase the value of the company to its shareholders.

Further, he said the company will consider repealing its anti-takeover defenses if that appears to be “in the best interest of the shareholders.” The company refused to give additional details.

Barkeley’s comments, which came on the eve of Lear Siegler’s annual shareholders meeting today in Beverly Hills, were contained in a letter to AFG Partners, the investment group that has accumulated 9.8% of the company’s stock and last week offered an all-cash minimum of $85 per share for the remainder.

AFG Partners declined to comment on the letter, which was made public late Tuesday. However, a representative of the investment group said earlier in the day that officials of the partnership would probably not attend the Lear Siegler meeting. In addition, the representative said the partnership had not purchased any additional shares in the company in recent days.

Analysts following Lear Siegler said Barkeley’s letter offered yet more evidence that the company is seriously considering the AFG offer. Several analysts have said the company will be hard pressed to find a better deal because AFG’s bid is all cash and at a price that is more than 50% above the stock’s level of just a month ago.

AFG Partners is composed of Wagner & Brown, a Midland, Tex., oil and gas company, and AFG Industries, an Irvine glass maker.