UPDATE: Large Lear (LEA) Holder Pzena Opposes Possible Sale to Icahn, Says Stock Worth $60

UPDATE: Pzena Investment Management LLC announced today that, by letter dated February 5, 2007, it has informed the Independent Directors of Lear Corporation (NYSE: LEA) of its strong opposition to the possible sale of the Company to Carl Icahn's American Real Estate Partners LP.

Pzena currently holds on behalf of its clients 6,805,829 shares, or 10.1%, of Lear Corporation.

The firm said, "Our analysis suggests that earnings are likely to recover to more than $4.00 per share over the next few years from consensus analyst estimates of $2.00 per share for 2007. Consequently, we believe the company's value to be closer to $60 per share."

Link to the Press Release by the Firm

Icahn Offers to Acquire Lear for $36/Share