SOUTHFIELD, MI -- American Real Estate Partners LP, an affiliate of Carl Icahn, has made an offer to acquire all of the issued and outstanding shares of Lear Corp. for $36 per share in cash.

Any transaction would be subject to negotiation and execution of definitive documentation and other conditions. Lear's Board of Directors is expected to formally consider the acquisition proposal following the conclusion of on-going negotiations.

The acquisition proposal indicates that Bob Rossiter, Lear's chairman and CEO, and the rest of the senior management team would remain with the company.

For more information about Lear, go to: http://www.lear.com.