Hearst to tender for remaining shares of Hearst-Argyle Television

By Lisa Kerner

Charlotte, N.C., March 25 - Hearst Corp. intends to begin a $4-per-share cash tender offer in mid-April for all of the outstanding shares of series A common stock of Hearst-Argyle Television, Inc. it does not already own, it was announced on Wednesday.

The per-share price is a 91% premium over Hearst-Argyle's closing price on March 24 and a 125% premium above the average closing price of the shares for the 20 trading days immediately prior to March 24, Hearst said.

Once the tender offer is completed, Hearst, a New York publishing and broadcasting company, will acquire the remaining shares through a short-form cash merger at the same $4-per-share cash price paid in the tender offer.

Hearst and its wholly owned subsidiaries currently own approximately 67% of the outstanding shares of Hearst-Argyle series A common stock and 100% of the company's outstanding shares of series B common stock.

Lazard is acting as financial adviser to Hearst in connection with the offer.

Hearst-Argyle is a New York network-affiliated television station owner/operator.

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