December 17, 1986
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.
December 31, 1986
The Santa Monica-based conglomerate said it signed an agreement to sell its unprofitable Phoenix-based Audiotone unit, which makes hearing aids, to Dalhberg Inc. of Golden Valley, Minn. Audiotone reported sales of $7.7 million for the year ended June 30, 1986. Lear Siegler said that the sale was unrelated to the $2.1-billion corporate buyout announced earlier this month by an investment group led by Lear Siegler managers and the Forstmann Little & Co. investment firm.
December 2, 1986 |
The investor group that made Lear Siegler a prime acquisition target five weeks ago resurrected its original $1.5-billion offer for the Santa Monica conglomerate Monday, further complicating the already crowded and confused battle for the company. Lear Siegler officials said the latest offer from AFG Partners, which already owns 4.7% of Lear Siegler stock, will be considered at a special meeting of the company's board of directors today. The company would make no further comment.
November 7, 1985
Lear Siegler Chairman Robert T. Campion told shareholders at the company's annual meeting that earnings and revenue for fiscal 1986 would be below last year's record levels but will not decline as much as in the first quarter of this fiscal year. In the quarter ended Sept. 30, earnings fell 36% to $11.7 million, and revenue slipped 2% to $533.4 million from the previous year.
April 26, 1985
Lear Siegler reported record sales and net earnings for the third fiscal quarter and nine months ended March 31. Third-quarter sales of $591.84 million compared to $542.52 million in the same quarter a year ago. Net earnings of $24.71 million were up from $21.9 million. Current-year operations include Bangor Punta, which was acquired Feb. 1, 1984.
January 26, 1987
Fortsmann Little, the New York investment house that is buying Lear Siegler for $2.18 billion, extended its offer for Lear Siegler shares until midnight tonight. The initial offer expired midnight Thursday. Fortsmann Little is paying $92 for each common share and $230 for each preferred share. About 45% of all preferred shares have been tendered.