Lear Siegler Accepts Sale Offer
Lear Siegler, the Santa Monica conglomerate that has been a takeover target for the last two months, agreed today to be acquired by the New York investment firm of Forstmann, Little & Co. and by some members of Lear Siegler’s management for $2.1 billion.
The buy-out group said it will pay $92 cash for each of Lear Siegler’s outstanding 17.8 million common shares and $230 cash for each of the company’s 175,000 outstanding preferred shares. Lear Siegler, which has 3,500 employees in California, recently rejected an $85-a-share bid from the AFG Partners investment group; a $93-a-share offer from Wickes Cos. fell apart Dec. 9 when Wickes could not obtain financing for the deal.
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