Lear Siegler’s board continued to mull its options.

After a 4 1/2-hour meeting Tuesday, the Santa Monica conglomerate’s board of directors instructed Lear’s investment bankers to explore all opportunities, including “a possible transaction with one of a number of third parties.” Already on the table are a buyout proposal from AFG Partners and an acquisition offer from Wickes Cos. that has run into financing problems. Other alternatives include a recapitalization and a leveraged buyout, the board said. No time has been set for the board’s next meeting.