defa14a
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
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Exchange Act of 1934
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Lear Corporation
 
(Name of Registrant as Specified In Its Charter)
 
 
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Pzena Investment Management, LLC (“Pzena”), a significant shareholder of Lear Corporation (“Lear”), has expressed opposition to Lear’s proposed merger with a subsidiary of American Real Estate Partners, L.P. on the basis that the merger undervalues Lear. Lear believes that shareholders should note that while Pzena has claimed that the fair value for Lear is between $55 and $60 per share of common stock, Pzena has sold a substantial amount of Lear common stock well below this range. This filing consists of a summary of Pzena’s trading activity in Lear common stock during the time period from February 1, 2006 to February 14, 2007 based on information contained in filings made by Pzena with the Securities and Exchange Commission and compiled by Thomson Financial. The filing reflects the fact that during this time period, Pzena sold over 3.7 million shares of Lear common stock at an average price substantially below $36 per share. In addition, the summary reflects the fact that three weeks prior to Lear’s October 2006 private placement to affiliates of Carl Icahn, Pzena sold in excess of 425,000 shares of Lear common stock at a price of approximately $20 per share.

 

Recent History of Pzena Investment Management’s Trading Activity in Lear Shares as Reported in SEC Filings and Compiled by Thomson Financial
                             
SEC Filing   Date     Share Amount     Share Price*     Activity
 
 
     2/1/2006       950       25.12     Purchase
 
     2/16/2006       (65825 )     22.25     Sale
 
     2/17/2006       (19375 )     22.52     Sale
 
     2/21/2006       (47025 )     22.82     Sale
 
     2/23/2006       (21075 )     22.00     Sale
13D - 3/29/06
     2/27/2006       (2475 )     21.27     Sale
 
     3/2/2006       (1450 )     19.36     Sale
 
     3/9/2006       (700 )     18.28     Sale
 
     3/17/2006       (25475 )     16.60     Sale
 
     3/17/2006       25475       16.73     Purchase
 
     3/22/2006       (4475 )     18.10     Sale
 
     3/22/2006       (51800 )     18.08     Sale
 
     3/23/2006       (725 )     17.31     Sale
 
     3/27/2006       (2300 )     17.10     Sale
Form 4
     5/2/2006       (37100 )     23.65     Sale
Form 4
     5/12/2006       (38350 )     26.09     Sale
Form 4
     5/23/2006       (5775 )     22.75     Sale
Form 4
     6/6/2006       1550       22.88     Purchase
Form 4
     6/20/2006       525       20.29     Purchase
Form 4
     6/27/2006       (18300 )     22.20     Sale
Form 4
     7/6/2006       2550       21.45     Purchase
Form 4
     7/12/2006       (675 )     21.30     Sale
Form 4
     7/18/2006       (1925 )     20.07     Sale
Form 4
     7/21/2006       (3700 )     21.19     Sale
Form 4
     7/27/2006       4300       24.07     Purchase
Form 4
     7/31/2006       14925       22.57     Purchase
Form 4
     8/17/2006       (2900 )     22.48     Sale
Form 4
     8/18/2006       (285000 )     21.01     Sale
Form 4
     9/8/2006       (14125 )     20.40     Sale
Form 4
     9/21/2006       13675       18.61     Purchase
Form 4
     9/25/2006       (3200 )     18.30     Sale
Form 4
     9/26/2006       (426300 )     19.94     Sale
Form 4
     10/16/2006       (202350 )     24.59     Sale
Form 4
     10/18/2006       (429400 )     27.84     Sale
Form 4
     10/24/2006       (404625 )     29.64     Sale
 
     11/1/2006       (750 )     30.05     Sale
 
     11/13/2006       (112175 )     33.08     Sale
 
     11/13/2006       (8700 )     33.16     Sale
 
     11/13/2006       (2750 )     33.10     Sale
 
     11/14/2006       (2500 )     33.13     Sale
 
     11/14/2006       (7925 )     33.31     Sale
 
     11/14/2006       (4225 )     32.98     Sale
 
     11/14/2006       (4150 )     33.32     Sale
 
     11/14/2006       (61150 )     33.04     Sale
 
     11/14/2006       (76425 )     33.13     Sale
 
     11/14/2006       (4000 )     33.03     Sale

 

 

                             
 
     11/14/2006       (63500 )     33.25     Sale
 
     11/15/2006       (89025 )     34.06     Sale
 
     11/15/2006       (11500 )     33.29     Sale
 
     11/15/2006       (14500 )     33.97     Sale
 
     11/15/2006       (24925 )     34.00     Sale
 
     11/15/2006       (28250 )     33.76     Sale
 
     11/15/2006       (77925 )     34.07     Sale
 
     11/15/2006       (51350 )     34.00     Sale
 
     11/16/2006       (75892 )     33.52     Sale
 
     11/16/2006       (58650 )     33.68     Sale
13D- 2/9/2007
     11/16/2006       (3475 )     33.55     Sale
 
     11/17/2006       (5200 )     33.30     Sale
 
     11/17/2006       (2650 )     33.15     Sale
 
     11/17/2006       (2475 )     33.15     Sale
 
     11/17/2006       (14958 )     33.48     Sale
 
     11/20/2006       (112350 )     33.83     Sale
 
     11/20/2006       (94950 )     33.53     Sale
 
     11/21/2006       (4800 )     32.70     Sale
 
     11/21/2006       (13250 )     33.05     Sale
 
     11/22/2006       (2525 )     31.95     Sale
 
     12/5/2006       2900       30.15     Purchase
 
     12/6/2006       (200 )     30.05     Sale
 
     12/7/2006       8675       30.46     Purchase
 
     12/15/2006       (9175 )     30.47     Sale
 
     12/20/2006       575       29.26     Purchase
 
     12/22/2006       (4850 )     29.04     Sale
 
     1/8/2007       19950       28.06     Purchase
 
     1/9/2007       (4050 )     27.69     Sale
 
     1/9/2007       4050       27.70     Purchase
 
     1/10/2007       (1225 )     27.80     Sale
 
     1/16/2007       (17600 )     32.65     Sale
 
     1/16/2007       (20000 )     32.67     Sale
 
     1/16/2007       (59850 )     32.61     Sale
 
     1/16/2007       (35000 )     32.82     Sale
 
     1/16/2007       (8675 )     32.70     Sale
 
     1/16/2007       (8600 )     32.44     Sale
 
     1/16/2007       (8850 )     32.58     Sale
 
     1/16/2007       (3900 )     32.02     Sale
 
     1/16/2007       (26975 )     32.80     Sale
 
     1/16/2007       (800 )     32.74     Sale
 
     1/16/2007       (850 )     32.81     Sale
 
     1/16/2007       (450 )     32.71     Sale
 
     1/16/2007       (28200 )     32.65     Sale
 
     1/17/2007       (825 )     33.50     Sale
 
     1/17/2007       (625 )     33.28     Sale
 
     1/22/2007       (7200 )     33.31     Sale
 
     1/23/2007       (4825 )     33.55     Sale
 
     1/23/2007       (8000 )     33.55     Sale
 
     1/25/2007       (6100 )     35.00     Sale
 
     1/30/2007       (1500 )     34.25     Sale
 
     1/31/2007       (29075 )     34.02     Sale
 
     1/31/2007       (15200 )     34.14     Sale

 

 

                             
 
     1/31/2007       (83175 )     33.99     Sale
 
     2/1/2007       (18600 )     34.12     Sale
 
     2/1/2007       (105725 )     34.13     Sale
 
     2/1/2007       (19375 )     34.13     Sale
 
     2/1/2007       (10200 )     34.15     Sale
 
     2/1/2007       (8525 )     34.12     Sale
 
     2/1/2007       (3100 )     34.19     Sale
 
     2/1/2007       (1400 )     34.10     Sale
 
     2/2/2007       (2150 )     34.35     Sale
 
     2/2/2007       (18325 )     34.40     Sale
 
     2/2/2007       (20075 )     34.30     Sale
 
     2/2/2007       625       34.11     Purchase
 
     2/2/2007       (45525 )     34.55     Sale
 
     2/2/2007       (400 )     34.62     Sale
 
     2/2/2007       (1875 )     34.51     Sale
 
     2/2/2007       (2150 )     34.35     Sale
 
     2/2/2007       (18200 )     34.63     Sale
 
     2/2/2007       (725 )     34.37     Sale
 
     2/2/2007       (1075 )     34.59     Sale
Form 4
     2/14/2007       (1000 )     38.32     Sale
 
                    
 
   Net Sales     (3,726,800 )            
Compiled by Thomson Financial on 6.19.2007
*Represents transaction price or closing price on transaction date.