UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934

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Lear Corporation

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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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.