Lear Siegler said Thursday it intends to go ahead with its restructuring plans because it does not believe that the AFG Partners investment group can finance its $85-a-share bid for the Santa Monica conglomerate.
Lear Siegler, which has interests in aerospace, automotive equipment and specialty glass, said in a letter to AFG Partners that "you have failed to demonstrate your ability to finance any such transaction at $85 or any other value."
A Lear Siegler spokesman said the company is continuing to study its options, which include a recapitalization, the sale of certain businesses or a merger.
A spokesman for AFG Partners had no comment.
AFG Partners was formed by Irvine glassmaker AFG Industries and by Wagner & Brown, an oil and gas partnership based in Midland, Tex. The partnership owns 4.7% of Lear Siegler's shares.