A LEAR SIEGLER CHRONOLOGY
During the last two months, Lear Siegler has been in the throes of restructuring plans and takeover reports. Here is a chronology of events, ending with Wednesday’s announcement of the sale of the company:
Oct. 23. Lear Siegler announces plans to restructure; says it knows of no takeover threat.
Oct. 29. Lear Siegler discloses that AFG Partners has acquired more than 5% of its stock.
Oct. 30. AFG Partners makes $85-a-share, or $1.5 billion, offer for Lear Siegler.
Nov. 5. Lear Siegler Chairman Norman A. Barkeley says he doubts that the company can remain independent.
Nov. 10. Wickes Cos. offers $93 a share for Lear Siegler, buys AFG Partners’ 9.8% stake for $91 a share.
Nov. 11. Lear Siegler agrees to be acquired by Wickes for $1.7 billion, or $93 a share.
Nov. 18. Wickes says it may not be able to finance Lear Siegler merger.
Nov. 19. Lear Siegler reiterates intention to restructure.
Nov. 20. AFG Partners discloses that it has bought 4.7% of Lear Siegler for $68.1 million.
Dec. 1. AFG says it is interested in Lear Siegler if Wickes’ bid falls through.
Dec. 9. Wickes withdraws from $1.7-billion merger because it lacks financing.
Dec. 10. AFG partners renews $85-a-share bid, says it is willing to participate in restructuring.
Dec. 12. Lear Siegler adopts “poison pill” anti-takeover measure.
Dec. 15. AFG Partners withdraws $85-a-share bid for Lear Siegler, citing concern overs possible tax consequences of a merger.
Dec. 16. Lear Siegler agrees to be acquired for $92 a share by buyout group consisting of investment firm of Forstmann, Little & Co. and members of Lear Siegler management.
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